The New Housing Price Index has telegraphed Calgary’s transition into negative annual growth for months now.
In August, Calgary posted its first year-over-year decline in new home prices since January 2012, dipping -0.2%. Prices were flat from July to August.
While overall Calgary new home prices were down from year ago levels, land prices were still growing on an annual basis. Calgary’s “house” series (total selling price less land value) mainly relates to the current cost of the structure and is what has taken the largest price hit.
July and August marked the first time Edmonton new home prices posted a larger annual gain than Calgary in back-to-back months since April and May of 2012.