The price of new homes in Canada jumped by the biggest amount in more than three years last month, because of sky high costs for building materials during the pandemic. Statistics Canada reported Monday that its New Housing Price Index, which tracks the price of newly-built homes, rose by 0.5 per cent in August. It's the fourth straight monthly increase and the biggest monthly jump since May 2017. But demand bounced back in a big way, as the normally slower summer months saw record sales. The data agency says homebuilders expect the record high lumber prices this year will most likely add an extra $5,000 to $10,000 to the cost of a single family house.

Source: CBC News September 21, 2020 16:07 UTC