New Home Prices in Vancouver Continue Upward Streak

Vancouver and BC record increases in new housing price index in June, but Victoria’s prices stay down, says national statistics agency 

Vancouver Census Metropolitan Area (CMA) new home prices continued their rising streak in June, having turned around in April following many months of declines, says a Statistics Canada report released August 13.

The new housing price index in the CMA rose 1 per cent year over year in June, and across the whole of BC it increase 0.8 per cent.

New home prices in both Vancouver rose 0.3 per cent month over month, and the whole province increased 0.2 per cent compared with May 2015’s figures.

Vancouver and BC’s annual price rises were slightly lower than that of Canada as a whole, with new housing across the nation increasing its price index in June by 1.3 per cent year over year and 0.3 per cent month over month.

New house price rises often do not reflect those seen in the resale market, as the price paid for a new home is only measured when the transaction is completed and registered with the Land Registry, rather than when the home is originally purchased off-plan. Because of long lead times on home construction, the new home prices registered today are those homes sold many months or even years ago – whereas MLS resale home prices are much more up to date.

Victoria’s new home prices continued to fall in June, again down 1.5 per cent compared with the same month last year but remaining flat compared with the previous month.

The combined metropolitan region of Toronto and Oshawa recorded the largest annual price increase in June, with prices up 3 per cent over the same month last year. Other notable year-over-year increases were observed in Hamilton (up 2.8 per cent) and Kitchener–Cambridge–Waterloo (up 2.2 per cent).

To see Statistics Canada's full report and interactive tables, click here.

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