Shortage of Developed Land Spurs Calgary New Home Prices Higher

Calgary was the top contributor to the national increase with prices rising 0.6%  in August and up 6.1% year-over-year according to Statistics Canada.

Builders in Calgary reported that market conditions, increased material and labour costs as well as a shortage of developed land contributed to higher prices.

Calgary has been a top contributor to advances in new housing prices over the past nine months and y/y price increases have been generally accelerating since early 2012

Calgary posts the highest year-over-year price increase

Calgary posts the highest year-over-year price increase

For Canada as a whole,  the NHPI rose 1.8% in the 12 months to August and was up 0.1% from the previous month.

A notable addition to the negative price growth pair of Victoria and Vancouver that we’ve become accustomed to seeing was Ottawa.  This marked the first year-over–year price decrease in Ottawa–Gatineau since January 1998.

Source: Statistics Canada (click to enlarge)

Source: Statistics Canada (click to enlarge)

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