Calgary House Prices Show Slight Increase

CREB Talk, October 12 - What a difference a year makes in Calgary’s new home market last year, the rate of growth in new house prices peaked at a stunning 60.6 per cent year-over-year hike in August.

On Thursday, Statistics Canada, in releasing its New Housing Price Index, said the Calgary Census Metropolitan Area recorded a more down-to-earth 6.1 per cent increase from August 2006 to August 2007 - behind the 6.5 per cent average increase for the country.

The Calgary CMA includes the city, Airdrie, the Municipal District of Rocky View, Chestermere, Cochrane, Irricana, Beiseker and

Statistics Canada said new house prices remained the same in the Calgary area in August compared with July while nationally the prices rose by an average of 0.4 per cent on a monthly basis.

Statistics Canada said the rate of growth in new housing prices slowed again in August nationally "despite the accelerating market in the Prairie region."

The 6.5 per cent year-over-year increase in August compared to a 7.7 per cent gain in July.

"Prices have gradually decelerated over the past 12 months," said the federal agency.

"In the Prairie region, demand for new housing combined with higher labour costs for framers and concrete workers to produce record high year-over-year increases for Saskatoon (53.6 per cent), Regina (29.2 per cent) and Winnipeg (16 per cent)."

Edmonton saw a year-over-year increase of 30.2 per cent while in Vancouver it was 6.6 per cent.

Posted by Joe Samson