UPDATE 2-Canada new-home prices rise again in February

* Prices rise 0.4 pct from January

* Royal LePage shows prices up 4.3 pct on year
(Adds Royal LePage analysis, clarifies record on monthly
increases, paragraphs 4-8)

OTTAWA, April 12 (Reuters) – New home prices in Canada
advanced 0.4 percent in February from January, Statistics
Canada said on Tuesday.

The gain exceeded market expectations of a 0.3 percent
climb following January’s 0.2 percent rise. Prices were up in
11 metropolitan regions, down in four and flat in six.

Year on year, prices were 2.1 percent higher, up from 1.9
percent in January.

Statistics Canada has reported monthly increases from
August 2010 through February, though a revision of its series
of data now has October 2010 as having no change.

Separately, real estate broker Royal LePage said low
interest rates and a recovering economy continued to fuel the
Canadian residential housing sector over the past year.

In the first quarter, the average price of a detached
bungalow was up 4.3 percent at C$341,355 ($355,578) from a year
earlier, the survey of more than 250 neighborhoods across the
country showed.

Over the same period, standard two-storey homes rose 3.5
percent to C$379,388 while standard condominiums rose 4 percent
to C$237,919.

“Canada’s real estate market has maintained momentum coming
out of 2010, indicating that the post-recession recovery is
continuing,” said Phil Soper, chief executive of Royal LePage
Real Estate Services.

($1=$0.96 Canadian)
(Reporting by Randall Palmer and Ka Yan Ng; Editing by Padraic
Cassidy and Peter Galloway)

UPDATE 2-Canada new-home prices rise again in February