Metro Vancouver and BC’s new housing price index continued its inexorable rise in June, Statistics Canada reported August 11 – with strong growth across the province putting BC top in the country in terms of annual new home price growth.
The purchase cost of a new home in the Vancouver Census Metropolitan Area (CMA) increased 5.2 per cent year over year in June, as usual second only to Toronto–Oshawa, which saw the highest annual growth of any CMA at 6.2 per cent.
Month over month, new home prices in Vancouver rose 0.4 per cent above May 2016.
Across BC, new housing prices in June were up five per cent year over year – as with last month, the largest annual increase of any of the provinces or territories. The BC price index also rose 0.4 per cent month over month.
Victoria CMA's new home price index also continued to rise, up 2.8 per cent compared with the same month last year, and up 0.4 per cent over May 2016, following two months of much steeper increases in the province’s capital.
Canada’s overall new home price index rose roughly with inflation at 2.5 per cent year over year in June, as Ontario and BC’s gains were offset by price index declines in Alberta and Saskatchewan, as has been the recent trend.
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.
