New home prices in the Vancouver region declined in September on a month-over-month basis, according to Statistics Canada.
In an update released Oct. 25, Statistics Canada said its New Housing Price Index in September was down 0.2 per cent from August – and unchanged from a year ago – for the Vancouver census metropolitan area (CMA).
In the Victoria region, prices were unchanged from August to September. Prices were up 0.6 per cent in the Kelowna region. For B.C. as a whole, the monthly index was down 0.2 per cent, and down 0.1 per cent year-over-year.
On the national level, the index remained unchanged for the second consecutive month in September. Prices were unchanged in 12 of the 27 census metropolitan areas (CMAs) surveyed, up in eight CMAs and down in the remaining seven. Nationally, new home prices were up 0.2 per cent from a year ago.
According to the stats agency, prices at the national level have been more or less flat since mid-2022, following significant escalation during the COVID-19 pandemic. The index was at 125 in September 2024 compared to 103.2 in September 2019, a rise of 21 per cent.
Statistics Canada's New Housing Price Index tracks changes in the agreed-upon selling prices of new residential houses over time. The index reflects market prices minus taxes like GST and HST, covering single homes, semi-detached homes and townhouses across Canada, including 27 CMAs, and is published without seasonal adjustment or revisions.
The New Housing Price Index for October will be released on Nov. 22, 2024.
