Carlos Montes Calgary Real Estate

September Housing Prices Up in Calgary, Alberta by Carlos Montes Remax Properties

September Housing Prices Up

While not exactly great news for new home buyers, sellers and the rest of Calgary can celebrate that the economy is strengthening, according to the Statistics Canada New Housing Price Index (NHPI). The report, released today (Tuesday) reports that the price of new homes in Canada has risen by 0.2 percent in September, which is up from a 0.1 percent increase as of August. Over a 12-month period the NHPI indicates that housing prices have increased 2.7 percent, which is down from 2.9 percent in August.

Montreal and Calgary reported the highest increases, with Montreal posting an impressive 1.6 percent increase from August to September. Calgary reported a 0.3 percent increase in new home prices over the same period. The report states that the likely cause of the increase was due in part to the fact that builders are taking their projects to new areas which have a higher cost of land development.

How are these number calculated? The NHPI is used to track changes in the selling prices of new homes in Canada, by calculating the difference in the negotiated price of the contractor and buyer at the time of purchase. The entire report can be found at http://www40.statcan.gc.ca/l01/cst01/cpis04a-eng.htm

Meanwhile, another survey reported by CTV Calgary reports that overall home prices in Calgary are up 5 percent over the last year, like due to the rush of buyers who wanted to lock in record low interest rates and avoid the new mortgage rules.

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