Sticker shock: Calgary new home price increases the highest in Canada, by a lot – 7.6% hike from last year

The rate of new home price growth in the Calgary region is far exceeding the rest of the country.

Statistics Canada reported Thursday that the New Housing Price Index was up 7.6 per cent in April from a year ago in the Calgary census metropolitan area – the best in the nation.

Throughout Canada, year-over-year price growth was 1.6 per cent.

On a monthly basis, prices were up 0.6 per cent in the Calgary area while they rose by 0.2 per cent in Canada.

The federal agency said new home prices rose in Calgary “as builders reported higher material and labour costs, market conditions and an increase in the cost of developed land.”

“Price increases in the census metropolitan area (CMA) of Calgary have been slowing since the start of 2014,” it said.