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OTTAWA, Sept 8 Canadian new housing prices rose
more than expected in July, climbing 0.4 percent from June on
continued strength in the hot market of Toronto, Statistics
Canada data indicated on Thursday.
The monthly increase, the 16th in a row, was greater than
the 0.2 percent advance forecast by analysts in a Reuters poll.
Prices in the combined Toronto-Oshawa region, which accounts
for 27.92 percent of the Canadian market, rose by 1.0 percent.
Builders cited market conditions and prices on new listings as
reasons for the increase.
Prices in Vancouver, another booming market, climbed 0.6
percent. The rapid rise in prices in the two major cities have
raised concerns that their markets are becoming overheated.
The new housing price index excludes apartments and
condominiums, which the government says are a particular cause
for worry and which account for one-third of new housing.
(Reporting by David Ljunggren; Editing by Jeffrey Benkoe)