(RTTNews) - Canadian new home prices continued to inch higher in August, according to data released Tuesday by Statistics Canada.

Contractors’ selling prices increased 0.1% in August following a 0.3% advance in July. Economist were looking for new home prices to rise 0.2%.

The New Housing Price Index was down 3.1% year over year. The largest declines remained in Western Canada, where prices decreased from highs registered in late 2007 and the beginning of 2008.

The agency noted that builders in Alberta and British Columbia have recently offered lower prices, bonuses and incentives to motivate sales in the face of weaker market conditions.

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