UPDATE 1-Canada new housing prices rise 0.3 pct in May

* New home prices rise for 11th consecutive month

* Growth strongest in Regina, Toronto, Oshawa
(Adds details)

OTTAWA, July 8 (BestGrowthStock) – New home prices in Canada rose
0.3 percent in May for the third straight month, as expected,
resulting in a 2.9 percent price gain in the year, Statistics
Canada said on Thursday.

The prices, which do not include taxes, rose on a monthly
basis in 14 of the 21 cities surveyed, were flat in three and
declined in four. They increased most in Regina, Toronto and
Oshawa.

May was the 11th straight month of new home price increases
and the gain was in line with forecasts in a Reuters poll.

The housing only component of the new housing price index
rose 0.4 percent on a monthly basis and 4.6 percent on the
year. The land only component rose 0.2 percent and declined 0.3
percent, respectively.

Some economists had worried last year and earlier this year
that Canada’s housing market was overheating but recent data
has suggested greater balance between supply and demand.
(Reporting by Louise Egan, Editing by Chizu Nomiyama)

UPDATE 1-Canada new housing prices rise 0.3 pct in May