At nearly double their closest competition, new home prices in Calgary posted the highest year-overyear increase in Canada in November.
According to Statistics Canada, Calgary was the biggest contributor to a 1.4 per cent national advance in new home prices in the 12 months leading up to November, as new home prices in the city rose by 6.5 per cent.
Along with Calgary, the main contributors to the annual advance were the combined regions of Toronto and Oshawa (+1.4 per cent). This marks the fourth consecutive month of decelerating year-over-year price growth in the Toronto and Oshawa region. Other significant year-overyear increases occurred in Winnipeg (+3.7 per cent), St. Catharines– Niagara (+3.6 per cent) and Regina (+3.4 per cent).
Calgary was also one of the biggest risers on the monthly basis, with prices in the city increasing by 0.4 per cent between October and November. Trailing only St. Catharines–Niagara (+0.8 per cent) and Hamilton (+0.5 per cent), Statistics Canada said Calgary’s price increase was mainly due to increasing material and labour costs.
Among the 21 metropolitan areas surveyed, Vancouver (-1.3 per cent), Ottawa–Gatineau (-1.2 per cent) and Victoria (-0.9 per cent) experienced 12-month price declines.