Increased material and labour costs contributed to higher new home prices in Calgary for the month of January, according to the Statistics Canada report released today.
Between December and January, Calgary’s index was up 0.5%, the third highest increase of the cities tracked, behind Charlottetown (1%) and Winnipeg (0.9%). It’s also the second month in a row prices increased 0.5% m/m. Year-over-year, Calgary new home prices were up 3.3%.
Nationally, the New Housing Price Index rose 0.1% in January, following a 0.2% increase in December. On a year-over-year basis, the NHPI rose 2.2%.
Meanwhile, builders in Edmonton and Vancouver reported that they reduced prices in an attempt to generate sales.