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MNI: 5 Things We Learned From Canadian New House Price Data>

     OTTAWA (MNI) - The following are the key points from the November 
data on the Canadian New House Price Index released Thursday by 
Statistics Canada: 
     - New house prices edged up at a steady pace of 0.1% on the month. 
Year-over-year, however, price growth slowed to 3.4% from 3.5%. 
     - House only prices were up 0.1% in November after a 0.2% increase 
in October, but the 12-month rate remained unchanged at 3.3%. Land only 
prices were flat again in November, with a 12-month growth rate falling 
to 3.6% from 4.1% in October. 
     - The overall picture was mixed, as 12 of 27 metropolitan areas 
recorded higher prices on the month, with builders mostly citing market 
conditions and construction costs. The same number of areas saw flat 
prices on the month. 
     - Looking at Vancouver and Toronto, Canada's tightest markets, 
prices were flat on the month, which should comfort the Bank of Canada 
looking for a soft landing. Still, prices rose 8.7% year-over-year in 
Vancouver, the largest gain since July 2007. 
     - At the provincial level, prices rose at a steady pace of 0.1% in 
Ontario, but their growth pace slowed to 4.6% year-over-year from 4.9% 
in October. In British Columbia, prices were flat on the month after 
rising 0.3% in October, but picked up to 7.6% year-over-year from 7.3%. 
--MNI Ottawa Bureau; email: 

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