New home prices in the Calgary region were on the rise in January.

Statistics Canada reported Thursday that its New Housing Price Index for the Calgary census metropolitan area was up 3.3 per cent from a year ago and it had also increased by 0.5 per cent from December.

Nationally, the NHPI rose by 2.2 per cent on an annual basis and by 0.1 per cent month-over-month.

“The combined metropolitan region of Toronto and Oshawa, as well as the region of Calgary, were the top contributors to the advance. Builders indicated that market conditions were the primary reason for higher prices in Toronto and Oshawa, while increased material and labour costs contributed to higher prices in Calgary,” said the federal agency.

The largest monthly price advance in January occurred in Charlottetown at one per cent.

In Winnipeg, where the pace of the annual increases has been accelerating over the last several months, year-over-year prices were up 5.9 per cent in January, which was the biggest increase in the country, said Statistics Canada.

© Copyright (c) The Calgary Herald

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