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InstaForex Loprais Team - Official participant of the Dakar rally

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InstaForex Loprais Team - Official participant of the Dakar rally

2010.07.0809:37:00UTC+00Canadian New Home Prices Continue To Rise In May

Canadian new home prices rose in line with estimates in May, official data revealed Thursday.

Statistics Canada's New Housing Price Index rose 0.3 percent in May following identical increases in March and April. The increase continued an uptrend that began early in 2009.

New house prices are close to their pre-recession levels from mid-2008.

Year over year, the New Housing Price Index was up 2.9% in May following a 2.5% increase in April.

Canada's housing market has been robust over the past year, in stark contrast to lingering weakness in the US housing, which was hit hard by the collapse of subprime lending and massive supply overhang.

On Wednesday, real estate company Royal LePage predicted sales of Canadian homes should slow in the second half of the year after surging in the first six months.

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