The price of a new home in the Vancouver Census Metropolitan Area (CMA) rose again in October, albeit at a slightly lower rate compared with last month, according to Statistics Canada data published December 10.
The new housing price index in the CMA increased 1.6 per cent year over year in October – the joint-third highest annual rate of growth in the country, after Hamilton and Toronto–Oshawa CMAs and level with Winnipeg.
Across BC, new home prices rose 1.5 per cent compared with October 2014 – another slight slowing in the pace of annual price growth.
Year over year, new housing across the country also increased in price in October by 1.5 per cent.
Month over month, new home prices in both Vancouver rose 0.2 per cent in October compared with September’s figures – the fifth consecutive month of price rises but an increase of less than the nationwide rise of 0.3 per cent.
The month-over-month rise in BC’s new home prices again mirrored the national figure, increasing 0.3 per cent since September.
The new home price index in Victoria CMA recovered somewhat in October, rising 0.4 per cent compared with September. However, this was its first month-over-month price rise since July 2011, and a decline of 0.5 per cent compared with October 2014, as prices have been sliding for more than four years. Victoria was one of seven CMAs to record an annual decrease in October, 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.
