Market conditions in Vancouver contributed to ongoing strength in that census metropolitan area (CMA), and helped drive new home prices up 0.4% nationally in July.
New Housing Price Index, monthly change
New house prices in Vancouver continued their upward trend, rising 2.0% from June to July. Prices have grown 7.7% in the CMA since the start of the year due to strong demand for housing. First-time home buyers have been eligible for a loan of up to 5% (to a maximum of $37,500) of a home’s purchase price under the B.C. Home Partnership program introduced in January.
Toronto reported no change in new home prices for the second consecutive month. With the exception of Hamilton (+1.5%) and London (+0.9%), prices remained muted in the rest of Southern Ontario as well.
Overall, prices were up in 12 metropolitan areas and were unchanged in the other 15.
New Housing Price Index, 12-month change
New house prices in Canada rose 3.8% over the 12-month period ending in July. Vancouver experienced the largest year-over-year price increase (+7.8%) among surveyed CMAs, followed closely by Toronto and London (both +7.4%).
Reflecting continued weakness in the housing market, CMAs in Alberta and Saskatchewan recorded three of the four year-over-year declines.