National overview
In February, new home prices in Canada grew 1.1%. From January to February, prices rose in 18 of the 27 census metropolitan areas (CMAs) surveyed and were unchanged in 9.
Construction costs rising throughout Canada
New home builders in Canada continued to see increases in their construction costs for material and labour in February. Softwood lumber once again saw large gains in market value, having increased 15.0% in January, following a 31.8% rise in December 2021. In addition to the price increase for the softwood lumber component of the Industrial Product Price Index, recent price gains have been observed for many other materials used in the construction of new homes, such as furniture and fixtures, as well as cement, glass and other non-metallic mineral products.
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