Calgary was the top contributor to the national advance in May according to the New Housing Price Index released by Statistics Canada today.
Prices for new homes rose 0.9% between April and May as Calgary builders reported an increase in material and labour costs as the main reason for higher prices.
Year-over-year Calgary prices were up 5.3%, second to Winnipeg. Winnipeg has recorded the largest year-over-year price movements in Canada since December 2012.
Among the 21 metropolitan areas surveyed, only Victoria (-0.7%) and Vancouver (-0.9%) posted 12-month price declines in May. This continued a stretch of 16 consecutive annual decreases in the two regions of British Columbia.
Overall for Canada, the NHPI rose 0.1% in May and 1.8% year-over-year. This was the smallest annual gain in the index since March 2010 (+1.7%)