RPT-UPDATE 1-Canada July new housing prices edge lower

(Repeats without change to widen distribution)

* New home prices impacted by new tax regime

* Index falls for first time in 13 months, down 0.1 pct
(Adds details)

OTTAWA, Sept 9 (BestGrowthStock) – New home prices in Canada edged
lower in July for the first time in 13 months as a new tax
regime took effect and the once-hot housing market continued to
cool, according to Statistics Canada data released on
Thursday.

The new housing price index slipped 0.1 percent in July,
while analysts in a Reuters poll had forecast a 0.1 percent
increase. Home prices climbed 0.1 percent in June.

Statscan said the introduction of a new sales tax in July
in Ontario and British Columbia, which blends the provincial
and federal taxes into one, may have caused monthly declines in
housing index in those two provinces.

Previously, a provincial sales tax on building materials
was embedded into the selling price of new homes. That tax is
excluded from the price calculation under the new regime.

The top contributors to the monthly decrease were cities in
British Columbia and Ontario — Vancouver, London, Sudbury and
Thunder Bay. Prices fell on a monthly basis in seven of the 21
cities surveyed, fell in three and were flat in 11.

Year-over-year, the new home price index was up 2.9 percent
in July, following a 3.3 percent rise in June.

The housing only component of the new housing price index
fell 0.1 percent on a monthly basis and rose 4.5 percent on the
year. The land only component was down 0.2 percent in July and
slipped 0.4 percent on the year.
(Reporting by Louise Egan and Howaida Sorour)

RPT-UPDATE 1-Canada July new housing prices edge lower