Rising construction costs in Calgary led to a monthly increase in new home prices across Canada in August.
New home prices rose ever so slightly in August, but elevated borrowing costs, hesitant buyers, and cautious builders have weighed on the measure over the last year.saw a modest increase in August, edging up 0.1% on a monthly basis.
From Q1 to Q2, the cost to construct a new single-detached home in Calgary increased 1.1%, while the cost to build a new townhouse rose 1.3%. Saskatoon and Oshawa both reported 0.3% monthly dips, but Ottawa, at 1.3%, experienced the greatest decline across the CMAs. New home prices have now fallen for eight consecutive months in Canada’s capital.On an annual basis, new home prices fell 0.9% nationally in August, largely due to elevated borrowing costs. In August 2022, the Bank of Canada’s policy interest rate sat at 2.5%; in August 2023, it had doubled to 5%.
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