Metro Vancouver’s new housing price index increased again in December, further accelerating its pace of annual growth compared with the previous month, according to Statistics Canada data released February 11.
The price of a new home in the Vancouver Census Metropolitan Area (CMA) increased 2.6 per cent year over year in December 2015 – the third-highest annual rate of growth in the country, after Toronto–Oshawa and Hamilton CMAs, as has been the trend for the past few months.
Month over month, new home prices in Vancouver rose 0.2 per cent compared with November’s figures – a comparatively modest rise after seeing the country’s steepest monthly increases in Novemver. In December, the biggest contributor to Canada’s overall monthly new home price rise of 0.1 per cent was again Toronto–Oshawa.
Across BC, new housing prices rose 2.3 per cent year over year – once more the country's second-biggest rise, after Ontario – and 0.2 per cent month over month.
Victoria CMA's new home prices continued to slide in December, yet again down 0.5 per cent compared with the same month last year and flat compared with the previous month. As has been the trend for many months, Victoria was one of just seven CMAs to record an annual new home price decrease in December, 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.