Price of New Homes Falls Again in Vancouver and Across BC

new homesDespite resale property prices on a seemingly unending upward trend, the price of a new home in Vancouver fell 0.2 per cent month-over-month in November 2014 – the first monthly price drop since July, according to Statistics Canada figures released January 8.

November’s new home price index also dropped 0.6 per cent year over year, as builders reported a decrease in negotiated selling prices in Vancouver, which was one of only seven cities to post a decline. The drop was attributed entirely to a fall in the property values, which fell 1.1 per cent, while land values stayed flat.

Victoria saw the country’s second-largest annual drop in its new home index (after Charlottetown), falling 1.1 per cent year over year.

Across BC, the new home price index also fell, dropping 0.7 per cent year over year.

Nationwide it was a different story, as the average cost of a new home in Canada increased 1.7 per cent year over year to November.

Calgary again saw the largest uptick in new home prices, rising 6.5 per cent year over year.

The index tracks the price of new single-family detached homes, townhouses and duplexes, but does not factor in new condo selling prices.

To see Statistics Canada’s interactive chart, click here.

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