Calgary new home prices in January increased at over 4x the annual pace of the rest of Canada according to data released by Statistics Canada today.
Year-over-year, Calgary saw a 7.0% increase, its highest annual rise since July 2007. By contrast, the New Housing Price Index for Canada overall rose by 1.5% y/y.
Between December and January, Calgary prices were up 1.3%. Builders reported that higher material and labour costs as well as market conditions were the primary reasons for the increase, the largest in the region since April 2007.
You can download the January 2014 Statistics Canada report here