The New Housing Price Index (NHPI) rose 0.1% in May, following five months of gains ranging from 0.1% to 0.3%. The increase was largely the result of higher new home prices in the Prairie region. The census metropolitan area (CMA) of Calgary (+0.8%) was the top contributor, recording the largest monthly price advance among the CMAs covered by the survey. Builders reported higher material and labour costs, market conditions, and an increase in the cost of developed land as the reasons for the gain. Prices for new homes in Calgary have been rising since December 2012. The combined region of Sudbury and Thunder Bay ... (full story)