Metro Vancouver’s new home prices rose in August compared with last year, according to the latest Statistics Canada data, published October 13.
The Vancouver Census Metropolitan Area (CMA) new housing price index was up 5.4 per cent in August, versus August 2015.
As has been the recent trend, this was second only to the Toronto–Oshawa region, which again saw the highest annual growth of any CMA at seven per cent.
Across the province, the new housing price index was up 5.2 per cent year over year – just shy of Ontario’s growth of 5.3 per cent.
New home prices in the Victoria CMA increased their rate of growth, increasing in August by 3.8 per cent compared with the same month last year.
However, month over month, the new home price index stayed flat in Vancouver, in Victoria and across BC as a whole, with all three posting zero increase over July.
Canada’s national new housing price index increased by a more modest 2.7 per cent year over year, with drops in pricing seen in Alberta, Saskatchewan and the Atlantic region. The nationwide index edged up 0.2 per cent month over month.
Changes in new home prices often do not mirror 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, new home prices registered today are often 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.