Statistics Canada reports that the largest new home price increase in September occurred in Calgary, both on a monthly and annual basis.
New home prices in Calgary have been increasing since December 2011. Between August & September, prices were up 0.5%. Builders reported that rising material and labour costs as well as higher land development costs contributed to the price gain.
Year-over-year, prices in our city advanced 6.3%. That’s the largest annual increase since July 2007.
- Prices fell 0.4% in Edmonton – the largest monthly decrease since June 2009.
- Ottawa–Gatineau (-0.3%), Vancouver (-1.2%) and Victoria (-0.6%) experienced 12-month price declines. Annual prices in the two regions of British Columbia have been decreasing since early 2011.
- In Canada overall, the NHPI rose 1.6% y/y — the smallest annual increase since February 2010. Prices were unchanged month-over-month.