New home prices in the Vancouver Census Metropolitan Area (CMA) fell 1.5 per cent in May 2014 compared with a year earlier once again posting the greatest decrease of any of the 21 Canadian CMAs surveyed, according to Statistics Canada data released July 10.
The city has posted the most marked decrease of all Canadian CMAs for several months running, and this month's drop mirrors the 1.5 per cent fall seen in April.
Vancouver's new home price data stands in marked contrast to the continuing rise in the city's resale property prices, reported by Royal LePage a day earlier.
Among the 21 census metropolitan areas surveyed by Statistics Canada, five posted 12-month price declines in May, with Victoria CMA posting the third-largest decrease (-1.1 per cent).
Across Canada, the New Housing Price Index rose 0.1 per cent in May, following five months of consecutive gains ranging from 0.1 per cent to 0.3 per cent.
May's increase was largely the result of higher new home prices in the Prairie region, said Statistics Canada.
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