UPDATE 1-Canada new property rates rise in Oct, lifted by Toronto

OTTAWA Dec 10 New property prices in Canada rose a lot more than anticipated in October, led by more costly costs in the Toronto area’s robust housing industry, information from Statistics Canada showed on Thursday.

Costs rose .3 %, exceeding economists’ forecasts for a slight acquire of .1 percent. The Toronto and Oshawa region was the largest contributor to the enhance, rising .five percent as builders cited market situations and the larger expense of land.

National costs had been up 1.five % compared to last October, the largest year-over-year increase because December 2014. The Toronto and Oshawa industry saw its most significant annual acquire because January 2013 with a acquire of 4. %.

Rates had been unchanged for the third month in a row in Calgary, which has noticed rates fall in the last year amid the slump in oil.

The new housing price tag index excludes apartments and condominiums, which the government says are a certain lead to for concern and which account for a single-third of new housing.

The ongoing increase in residence prices, especially in the hot markets of Toronto and Vancouver, has raised concerns more than no matter whether Canadians have taken on much more debt than they can handle, spurred by years of low interest prices.

(Reporting by Leah Schnurr Editing Nick Zieminski)