Anshu Arora LLM, MSc, PMP

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New Home Prices in Vancouver and BC Continue to Accelerate Growth: StatCan

The price of a newly built home in Metro Vancouver and across BC increased again in July, according to Statistics Canada data released September 8.

 

The Vancouver Census Metropolitan Area (CMA) new housing price index saw its growth rate accelerate, up 5.5 per cent year over year in July. Once again, this was second only to the Toronto–Oshawa region, which saw the highest annual growth of any CMA at seven per cent. Vancouver’s new home prices also rose 0.6 per cent compared with June 2016.

 

Across the province, the new housing price index was up 5.3 per cent year over year – the joint-biggest annual increase of all the provinces or territories along with Ontario. The BC price index also rose 0.6 per cent month over month. New home prices in the Victoria CMA also saw the rate of growth steepen, rising in July by 3.6 per cent compared with the same month last year, and up 0.8 per cent over June 2016 – the highest monthly growth rate of any of the metropolitan areas surveyed.

 

The Real Estate Market continues to be very robust. Contact me to see how I can help!