For the third consecutive month, Calgary has led the way in Canada with the largest annual price gains for new homes according to Statistics Canada. Calgary also experienced the largest monthly price increase in the country.
Between March 2013 and March 2014, new home prices increased 7.5%. The year-over-year increase in Calgary was the largest since July 2007. From February to March, prices increased 0.8%
Builders in the Calgary region reported that higher material and labour costs, market conditions and the cost of developed land were the primary reasons for the increase.
In stark contrast, prices in Edmonton were actually down slightly on a year-over-year basis and flat month-over-month.
The New Housing Price Index (NHPI) for Canada overall rose 0.2% in March, following an identical increase in February. On a year-over-year basis, the NHPI rose 1.6% in March, following a 1.5% increase in February.
Did You Know…
If you’re looking to buy a new home from a participating builder, there can only be one price for the home whether sold in-house or by a REALTOR®?
That means I can act as your Buyer Agent and provide representation and advice without costing you additional money or losing any leverage when negotiating. Why wouldn’t you want to take advantage of that?
To find out more about the program and which builders participate, click here