Calgary new home prices were still rising over the summer according to Statistics Canada’s report out today. The New Housing Price Index (NHPI) for Calgary increased +0.3% between July and August and was up +2.4% year-over-year.
Calgary builders reported that the main factors for the price increase were market conditions as well as increased material and labour costs.
Nationally the NHPI rose 0.2% in August, following a 0.1% increase in July. On a year-over-year basis, the NHPI rose 2.4% in the 12 months to August, following a 2.3% increase in July.
The largest year-over-year increases in contractors’ selling prices occurred in Toronto and Oshawa (+4.7%), Winnipeg (+4.4%) and Regina (+3.5%).
Among the 21 metropolitan regions surveyed, 4 posted 12-month price declines in August. The largest decrease was in Victoria (-3.0%).
About the NHPI
The New Housing Price Index 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, such as the Federal Goods and Services Tax or the Harmonized Sales Tax.