New home prices continued to creep upwards in June as Calgary builders cited increased material and labour costs as well as improving market conditions as the main reasons for higher prices.
According to Statistics Canada, Calgary’s NHPI was up +0.5% month-over-month which was the fourth highest increase of the 21 metropolitan regions surveyed.
The metropolitan region of Kitchener–Cambridge–Waterloo (+1.7%) posted the largest monthly price advance in June, followed by Winnipeg (+0.7%) and Victoria (+0.6%).
Year-over-year, Calgary prices were up +1.7%.
The largest year-over-year increases in contractors’ selling prices occurred in Toronto and Oshawa (+5.0%), Regina (+4.7%) and Winnipeg (+4.4%).
Among the 21 metropolitan regions surveyed, 3 posted 12-month price declines in June. The largest decrease was in Victoria (-2.6%).