Calgary New & Resale Home Price Growth Leads Canada

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%.

NHPI - July 2013 (click to enlarge)

NHPI – July 2013 (click to enlarge)

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.

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