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Vancouver Resale Prices Down in May, Up Over Year: Report

Joannah Connolly
June 12, 2014

Home resale prices in Vancouver fell 0.03% in May compared with the previous month, the Teranet-National Bank National Composite House Price Index reported June 12.

This decline is the first drop after 12 consecutive monthly increases.

However, on a year-over-year basis, home resale prices in Vancouver increased 8.15% .

Nationally, the index has increased 0.76% since April and 4.58% over the past 12 months.

However the relatively small national increase in May could suggest a cooling of overall house price growth.

Teranet said, "This increase, though substantial in itself, was the fifth smallest for May in the 16 years covered by the index. The countrywide composite index rose to an all-time high, but only three of the 11 metropolitan markets surveyed did the same."

The Teranet index was released on the same day that Statistics Canada released its new home price index for April, in which Vancouver new home prices fell 1.5% year over year.

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.