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--Sept New Housing Price Index +0.2% M/M; +3.8% Y/Y
By Yali N'Diaye
     OTTAWA (MNI) - Already vulnerable due to price acceleration and 
overvaluation, the housing market in British Columbia, notably 
Vancouver, continued to put upward pressure on national new house 
prices, which rose 0.2% in September after edging up 0.1% in August, 
data from Statistics Canada showed Thursday. 
     The 12-month growth pace remained at a solid 3.8%, a full point 
above where it stood a year earlier. 
     House only prices rose at a steady monthly pace of 0.1% in 
September, and picked up to 3.6% year-over-year from 3.5% in August. 
     Land only prices rose 0.3% on the month after remaining flat in 
August, with the 12-month rate ticking down to 4.6% from 4.7%. 
     On a quarterly basis, price growth slowed to 0.9% in the third 
quarter from 1.6% in the second quarter nationally. 
     The data continued to reflect the diverging trend between further 
price acceleration in the Vancouver area, and an ongoing slowdown in 
Toronto. 
     Prices in Toronto were flat for the fourth consecutive month in 
September, with the year-over-year rate decreasing to 6.4%, its lowest 
level since June 2016, marking a continuing slowdown since last May. 
     The Toronto market has been slowing since the introduction of 
tighter housing measures at the provincial level in April, with price 
gains slowing to 0.4% in the third quarter from 3.3% in the second 
quarter. 
     In Ontario, prices rose 5.9% year-over-year in September, with the 
third quarter gain to 0.6% from 2.7% in the second quarter. 
     Conversely, the already hot Vancouver market saw further price 
acceleration in September, with a monthly gain of 0.7% and a 12-month 
increase of 8.3%, the largest since July 2007. Year-over-year price 
increases have been accelerating since March this year. 
     Price growth picked up to 4.1% in the third quarter in Vancouver 
from 3.6% in the second quarter. At the provincial level, prices in 
British Columbia were up 3.5% in the third quarter after rising 3.1% the 
previous quarter. 
     Statistics Canada's NHPI excludes condominiums and apartments, 
hence failing to capture price movements in about one third of the 
market. 
     The more closely watched Teranet-National Bank National Composite 
House Price Index contracted 0.8% in September, the largest monthly 
decrease since September 2010. The 12-month growth rate declined to 
11.4%. 
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: MACDS$,M$C$$$]