UPDATE 1-Canada new home prices climb again in Jan

(Adds details)

OTTAWA, March 11 (BestGrowthStock) – New home prices in Canada kept
climbing in January, rising 0.4 percent from the previous month
as expected, according to Statistics Canada on Thursday.

On a monthly basis, the housing-only component of the new
housing price index rose by 0.5 percent and the land-only
component edged up 0.1 percent.

New home prices firmed 0.1 percent in January from a year
earlier, the first year-over-year rise since December 2008.

Despite nationwide gains, prices have been falling in
Western Canada, which saw huge price spikes prior to the recent
economic crisis.

“Declines slowed in most of Western Canada’s metropolitan
regions as new housing prices returned to the price levels
observed prior to the highs registered at the end of 2007 and
the beginning of 2008,” Statscan said.

The Canadian housing market slumped during the recession
last year but never underwent a U.S.-style collapse. Strong
sales and price gains in recent months have led to worries of a
made-in-Canada housing bubble and prompted the government to
tighten mortgage lending rules in February.

Stock Investing

(Reporting by Louise Egan; Editing by James Dalgleish)

UPDATE 1-Canada new home prices climb again in Jan