Price of Newly Built Vancouver Homes Continues Steady Climb: StatCan

Joannah Connolly
January 14, 2016

New home prices in the Vancouver Census Metropolitan Area (CMA) increased again in November, picking up the pace of annual growth compared with the previous month, according to Statistics Canada data released January 14.

The new housing price index in the CMA increased 2.3 per cent year over year in November – once more the third-highest annual rate of growth in the country, after Toronto–Oshawa and Hamilton CMAs.

Month over month, new home prices in both Vancouver rose 0.5 per cent compared with October’s figures – once more the steepest monthly rise in the country. However, the biggest contributor to Canada’s overall monthly new home price rise of 0.2 per cent was Toronto–Oshawa.  

BC’s new housing prices, largely influenced by Vancouver, rose 2.1 per cent year over year – the country's second-biggest rise, after Ontario – and 0.4 per cent month over month – the biggest rise of all the provinces.

However, Victoria CMA's new home prices remained muted in November, again down 0.5 per cent compared with the same month last year and flat compared with the previous month. Victoria was one of just six CMAs to record an annual decrease in November, 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

Joannah Connolly
Joannah Connolly is editorial director of Glacier Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspaper websites, including the Vancouver Courier, North Shore News, Burnaby Now, Tri-City News and others. She also oversees editorial content in Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 22 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture, healthcare and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio.