Two reports released this morning underscore just how well the Calgary real estate market is performing both in the new home and resale segments.
First, let’s take a look at the New Housing Price Index for July provided by Statistics Canada.
Calgary new home prices were up 5.8% year-over-year . This was the largest price movement in Calgary since December 2007. Builders reported that increased material and labour costs as well as a shortage of developed land contributed to higher prices in Calgary. Month-over-month, prices were up 0.6%.
Next up is the Teranet–National Bank House Price Index™ which tracks resales.
In Calgary, resale home prices led the country with a 6.5% y/y increase in August. Prices were up 1% from July.
Canada’s HPI rose to an all-time high in August, as did the indexes of three of the 11 metropolitan markets covered in the index: Hamilton, Toronto and Ottawa-Gatineau.