Calgary was the top contributor to the New Housing Price Index advance in February, increasing 1.0% from January. This was the largest month-over-month increase since May 2007.
Builders indicated that increases in material and labour costs were the main reasons for higher prices. Annual prices rose 4.3% and have been accelerating for the past five months.
Overall, Canada’s NHPI rose 0.2% in February and was up 2.1% year-over-year.
Some other highlights from the Statistics Canada report:
For the third consecutive month, Winnipeg recorded the largest year-over-year price movement in Canada.
The largest annual decreases continued to be in British Columbia, where new housing prices in Victoria were down 2.2% and prices in Vancouver declined 0.6%. Vancouver and Victoria have not seen annual increases in new home prices since September 2011 and September 2008, respectively.