Canadian home prices rise in May but cracks appear in underlying data GlobeBusiness
This translation has been automatically generated and has not been verified for accuracy.Canadian home prices rose in May, led by the Ottawa-Gatineau and Toronto markets, but underlying numbers reflected a slowing in the housing market following measures taken to help contain the coronavirus pandemic, data showed on Wednesday.
Prices rose in eight of the 11 metropolitan areas in the index, with the national capital region of Ottawa-Gatineau up 2.2 per cent and Toronto, Canada’s most populous metropolitan area, gaining 2.1 per cent.Compared with the same month a year ago, the index climbed by 6 per cent, its strongest pace since April 2018. It was the 10th consecutive month that the year-over-year gain accelerated, said Marc Pinsonneault, a senior economist at National Bank of Canada.
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