Calgary posts highest annual growth in new home prices – Higher material and labour costs push prices upwards

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

The federal agency reported Thursday that the New Housing Price Index in the metropolitan region of Calgary rose by 6.9 per cent from a year ago. Prices were also up 0.9 per cent from the previous month as Calgary was the top contributor to the overall monthly gain of 0.2 per cent in Canada.

“Builders reported that higher material and labour costs, market conditions and the implementation of the new home warranty program in Alberta were the primary reasons for the increase (in Calgary),” said Statistics Canada.

On an annual basis, prices were up 1.5 per cent across the country.