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Canadian new home prices rose unexpectedly in July for the first time in ten months, according to data released Friday morning by Statistics Canada.
Contractors selling prices increased 0.3% in July following a 0.2% decline in June. This was the first increase at the Canada level since September 2008. Economists expected new home prices to slip 0.1% in July.
In Vancouver, prices rose 1.2% as consumer interest increased and the new housing market continued to improve.
Year over year, the New Housing Price Index was down 3.2%. The largest declines remained in Western Canada, where prices continued to fall from previous highs.
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