New House Prices Advance 0.2 per cent in February

Statistics Canada says its new housing price index rose 0.2 per cent in February, following a 0.1-per-cent increase in January.

The agency says Calgary was the top contributor to the advance, up 1 per cent from January – the biggest month-to-month increase in that region since May 2007.

It says increases in material and labour costs were the primary drivers for higher prices in Calgary.

The largest monthly price advances in February came in Regina, where prices were up 1.4 per cent, and in Halifax, where prices were up 0.9 per cent from January.

The Regina increase was largely the result of higher operating costs for builders and a shortage of developed land, while builders cited higher costs for materials, labour and developed land as the primary reasons for the Halifax increase.

Monthly prices declined 0.2 per cent in Ottawa–Gatineau for the second month in a row, while prices fell 0.1 per cent in St. John’s.

Prices remained unchanged in the combined metropolitan region of Toronto and Oshawa following six consecutive months of increases.

Prices were also unchanged in eight other metropolitan regions surveyed.

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