Price gains in Calgary’s new home market are far outpacing what is being seen across the rest of the country.
Statistics Canada reported Thursday that the New Housing Price Index rose in August by 6.8 per cent on an annual basis and by 0.5 per cent on a monthly basis in the Calgary census metropolitan area. Both represented the biggest growth rates in Canada.
Builders reported that land development costs, as well as strong market conditions and increased demand, were the main reasons for the price gain.
Supply and demand has been a major factor in driving prices up in the industry as the city continues to have a buoyant economy supported by strong net migration gains over the past year.