What is now becoming commonplace and expected, the Canadian housing market continues to pump out bullish news.
This time it is new home prices, which grew in May at their fastest pace in nearly nine years.
Led once again by Toronto and Vancouver, with this time Toronto outpacing the red hot Vancouver market.
Expecting a 2/10ths of 1% bump higher, the new home market was up 7/10ths of 1%, the largest increase since the 1.0% mover higher recorded in July of 2007, the tail end of the housing boom, before the big move lower into the 2008 housing crisis.
New condos and townhouses
And this acceleration in prices does not even include booming new condo and townhouse prices, which account for over one third of the Canadian market, and if added to the mix would have seen prices catapult even higher.
The combined region of Toronto and Oshawa posted a 1.9 per cent gain, the highest in 27 years.
Builders cited market conditions and the price of land. The same market conditions also drove up new home prices in Vancouver by 1.1 per cent in May.
And as a kicker, the Teranet and National Bank of Canada House Price Index released Wednesday, showed strong price growth in nine out of 11 markets —with only Calgary and Edmonton, lagging behind.