Canada-wide, New Home Prices increased 0.1% in February following a 0.4% increase in January. Year over year, a 0.9% increase was recorded.
14 out of the 21 metropolitan areas in the index registered an increase from January, with prices increasing the most in Regina (+2.0%) as some builders reported higher materials costs as well as increased lot prices from developers. Other builders increased their lot prices after having re-evaluated the value of their land.
For the first time since 2008, Calgary reported a year-over-year increase. (+0.4%) It was up 0.1% from last month.
Three cities registered 12-month declines in February: Victoria (-5.7%), Edmonton (-3.3%) and Charlottetown (-1.2%).
Note: The New Housing Price Index (NHPI) measures changes over time in the selling prices of new residential houses agreed upon between the contractor and the buyer at the time of the signing of the contract. It is designed to measure the changes in the selling prices of new houses where detailed specifications pertaining to each house remain the same between two consecutive periods. The prices collected from builders and included in the index are market selling prices less value added taxes.