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Vancouver's New Home Prices Turn Around in April: Statistics Canada

Joannah Connolly
June 11, 2015

After many months of declines, the prices of newly built housing in the Vancouver Census Metropolitan Area (CMA) rose both year over year and month over month in April, according to Statistics Canada data released June 11.

New homes in the CMA rose by 0.4 per cent year over year, causing the price of new homes across BC to increase 0.3 per cent compared with last April.

Vancouver also saw a rise in the new housing price index compared with March, increasing 0.6 per cent month over month. The seemingly modest increase is the CMA’s highest monthly rise in new housing prices since early 2010. This pushed up the price of new homes in the province as a whole by 0.5 per cent month over month.

Well-known Vancouver condo developer Bob Rennie recently told REW.ca that the reason for the discrepancy between new home and MLS® resale prices comes down to timing. 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 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® home prices are much more up to date.

“It’s like comparing apples and watermelons,” said Rennie.

In April, Victoria’s new home price index continued its slide, dropping 1.5 per cent year over year and 0.2 compared with March.

Of all the metropolitan areas surveyed, Hamilton, Ontario again recorded the largest annual increase in April, with prices up 3 per cent compared with the same month last year.

Nationwide, April’s new housing price index increased 1.1 per cent year over year, and just 0.1 per cent compared with the previous month.

To read the full report and view the interactive statistics chart, 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.