Repeat home sales prices jumped 2.47% in June across Metro Vancouver, according to Terranet’s House Price Index, which measures price changes for repeat sales of single-family homes.
This increase comes after a 2.5% increase in May. Year-over-year, prices were up 8.07%, following a weak final quarter in 2016.
“Though Vancouver prices declined from last October through December, they are at a new high after strong May and June gains,” Teranet said in a press release.
Across Canada, the month had the highest gain on record for the month of June. Prices increased 2.65% in the month and 14.22% year-over-year.
“As with May, it was the largest June rise in the 19-year history of the index and took the composite index to an all-time high, this time for a 17th consecutive month,” Teranet said.
The highest monthly increase was in Hamilton (up 4.13%), followed by Toronto (3.72% – a record increase for that city) and Quebec City (3.72%). Winnipeg was the only major Canadian city to see a drop in repeat home sales prices (down 0.28%).
Teranet’s figures differ from those published by regional boards such as the Real Estate Board of Greater Vancouver and the British Columbia Real Estate Association. This is because those associations measure all home sales, not just repeat sales of single-family dwellings.