Calgary saw the largest new home price increases in Canada over the past year: StatCan

Homes under construction in a new subdivision in Calgary, Alta., Wednesday, Feb. 8, 2017. (THE CANADIAN PRESS/Jeff McIntosh)

Calgary saw the largest increase in the price of new homes among Canadian cities over the past year, new data reveals.

Statistics Canada released its New Housing Price Index (NHPI) data for the month of October on Friday, detailing the change in price of newly built houses, including single/semi-detached homes and townhouses.

Despite some of Canada’s largest markets experiencing a decrease in new home prices year-over-year, Calgary’s rose 4.5 per cent. The next closest increase was Trois-Rivieres seeing a 3.1 per cent jump.

Meanwhile, several Ontario markets saw the largest decrease in prices, including Kitchener–Cambridge–Waterloo (-2.8 per cent), Ottawa (-2.8 per cent) and Toronto (-1.5 per cent).

Nationally, the NHPI declined 0.2 per cent since last October. Statistics Canada said 16 out of 27 CMAs reported an annual decline.

In Alberta and its neighbouring provinces, here’s how the remaining cities fared year-over-year:

• Edmonton: +2.4 per cent;
• Kelowna: -0.1 per cent;
• Vancouver: -0.6 per cent;
• Victoria: -1.2 per cent;
• Saskatoon: +1.8 per cent; and
• Regina: -0.1 per cent.

From September to October, Calgary had the second largest increase among eligible cities, rising 0.2 per cent, slotting in behind Winnipeg (+0.4 per cent).

Across the country, the monthly NHPI declined 0.4 per cent in October, which Statistics Canada said is the largest dip since April 2009.

“However, the picture was mixed across the country, as prices were down in nine out of 27 census metropolitan areas (CMAs) surveyed, but unchanged in 11 CMAs and up in the remaining seven,” Statistics Canada said in its monthly report.

Statistics Canada compares prices for the same house models over time to determine the NHPI. The NHPI is measured in 27 Canadian census metropolitan areas (CMA).