New Home Prices Drop Further in Vancouver and BC

New townhousesEven though resale prices in Greater Vancouver are at record levels this spring, the price of a new home in the city continued to decline in February, according to Statistics Canada figures released April 9.

Vancouver's new home prices stayed flat compared with January 2015 but fell 0.6 per cent year over year, continuing the trend of recent months.

The New Housing Price Index also fell 0.6 per cent year over year and maintained levels month over month across the whole of BC.

Victoria saw Canada’s biggest new home price decrease in February, falling 1.5 per cent year over year, although staying flat compared with January.

Vancouver and Victoria were two of only eight metropolitan regions to report decreases in new home prices in January, out of a total of 21 areas surveyed.

The index combines both home and land values. As in previous months, the above decreases in value were entirely attributed to developers reporting a drop in negotiated home prices, with land values remaining unchanged for several months.

Across Canada, the index increased 1.4 per cent year over year but fell 0.2 per cent month over month.

To read the full report and view the interactive statistics chart, click here.