Despite the seemingly unstoppable rise in resale house prices in Metro Vancouver, the price of a newly built home in the city continued to drop in January this year, according to Statistics Canada figures released March 12.
New homes in the area fell 0.1 per cent compared with December 2014 and 0.6 per cent year over year, continuing the trend of recent months.
The New Housing Price Index also fell 0.6 per cent year over year and 0.1 per cent month over month across the whole of BC.
Victoria saw Canada’s biggest new home price decrease in January, dropping 1.5 per cent compared with January last year, as well as 0.5 per cent since December.
Vancouver and Victoria were two of only eight metropolitan regions to report decreases in new home prices in January, out of a total of 21 areas surveyed.
The index combines both home and land values. As in previous months, the above decreases in value were entirely attributed to developers reporting a drop in negotiated home prices, with land values remaining unchanged for several months.
Across Canada, the index increased 1.4 per cent year over year but fell 0.1 per cent month over month.
Calgary again reported the country’s biggest jump in new home prices in January, rising 5.1 per cent year over year.
For the full report and a link to Statistics Canada’s interactive chart, click here.