The price of new homes fell 1.5 per cent across BC and 1.4 per cent in Vancouver in the year to June 2014, according to Statistics Canada data released August 14.
The BC figure is the largest drop of all the provincial regions identified in the report, and Vancouver’s decline is the second-largest drop of all the cities identified – after Charlottetown, where the price fell 1.5%.
Statistics Canada’s new home price index, which measures the total price of both house and land, rose 1.5% across Canada over the same period.
In BC and Vancouver, the declines were due to a decrease in house-only prices, which fell 2 per cent and 2.1 per cent respectively, while the price of land did not change.
The highest increase in new home prices was seen in Calgary, which rose 7.3 per cent, made up of an 8.8 per cent rise in house-only prices and a 4.3% rise in land prices.
Between May 2014 and June 2014, BC and Vancouver’s new home prices both fell 0.1 per cent.
The biggest month-over-month gain was seen in Ontario, where the index rose 1.9% because of a 2.5% rise in house-only prices and 0.3% increase in land prices.
Across Canada, the month-over-month index rose 0.2 per cent. The combined metropolitan region of Toronto and Oshawa was the top driver the June growth, with prices up 0.3% over the previous month. Builders reported market conditions and new list prices as the primary reasons for the increase.