New home prices in the Vancouver Census Metropolitan Area (CMA) increased again in November, picking up the pace of annual growth compared with the previous month, according to Statistics Canada data released January 14.
The new housing price index in the CMA increased 2.3 per cent year over year in November – once more the third-highest annual rate of growth in the country, after Toronto–Oshawa and Hamilton CMAs.
Month over month, new home prices in both Vancouver rose 0.5 per cent compared with October’s figures – once more the steepest monthly rise in the country. However, the biggest contributor to Canada’s overall monthly new home price rise of 0.2 per cent was Toronto–Oshawa.
BC’s new housing prices, largely influenced by Vancouver, rose 2.1 per cent year over year – the country's second-biggest rise, after Ontario – and 0.4 per cent month over month – the biggest rise of all the provinces.
However, Victoria CMA's new home prices remained muted in November, again down 0.5 per cent compared with the same month last year and flat compared with the previous month. Victoria was one of just six CMAs to record an annual decrease in November, out of a total of 21 CMAs surveyed.
Increases in new home prices 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.
To see Statistics Canada's full report and interactive tables, click here.