New home prices on the rise in Calgary region – Second highest rate of growth in Canada

The Calgary region had the second highest rate of year-over-year growth in new home prices in February, according to Statistics Canada.

The federal agency reported Thursday that the New Housing Price Index was up 4.3 per cent on an annual basis in the Calgary census metropolitan area.

The highest rate of annual growth was in Winnipeg at 5.5 per cent.

Nationally, the index rose by 2.1 per cent.

On a monthly basis, the NHPI in the Calgary CMA increased by 1.0 per cent while it was up 0.2 per cent across the country.

“Calgary was the top contributor to the advance in February, up 1.0 per cent from January. This was the largest month-over-month increase in that region since May 2007. Builders indicated that increases in material and labour costs were the main reasons for higher prices,” said the federal agency.

Annual prices in Calgary have been accelerating for the past five months, it said.

© Copyright (c) The Calgary Herald

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