New house prices in the Calgary region are on the rise.

calgary herald

Statistics Canada reported Thursday that the New Housing Price Index rose 0.1 per cent in July from the previous month in the Calgary census metropolitan area. It also rose by the same amount at the national level.
“The metropolitan region of Calgary was the top contributor to the advance. Some builders reported that increased material and labour costs were the main reason for higher prices,” said the federal agency.
On a year-over-year basis, prices were up 2.3 per cent in both the Calgary region and across the country.
The largest monthly price advance in July occurred in the metropolitan region of St. John’s (0.6 per cent), followed by St. Catharines–Niagara and Halifax (both up 0.4 per cent).
The largest year-over-year increases in contractors’ selling prices occurred in Regina (4.7 per cent), Toronto and Oshawa (4.6 per cent), and Winnipeg (4.4 per cent).
Will van’t Veld, economist with ATB Financial, said new home and resale prices have been relatively flat in Alberta over the past couple of years, even as wages and employment increased at a healthy clip.
“The federal government has returned mortgage insurance standards to where they stood in 2004, which will force households to be more prudent,” he said. “That, in turn, will force some delays, but, clearly, the Alberta market, after an initial drop and four years of flat growth, is close to burning off most of the excess.”

Need a mortgage, need a PRO: MortgagePRO

Read more: http://www.calgaryherald.com/house+prices+rise+Calgary+region/7236051/story.html#ixzz26SYKjo1a