Repeat home sales prices increased 0.7% in October and 12% year-over-year across Metro Vancouver, according to Teranet’s House Price Index, which measures price changes for repeat sales of single-family homes.
Sales prices fell last year after the implementation of the foreign-buyer tax in August 2016, but the effects of this were short-lived, according to Teranet.
“The market remained tight, and by the beginning of this year, the index had regained the lost ground,” the report said. “It has risen to new records in each of the last six months.”
Victoria prices increased 0.1% in the month and 14.4% year-over-year; this is the eighth consecutive month in which prices have hit a record.
Across Canada, prices slipped 1% compared with September. This was the highest monthly decrease since September 2010 and the second consecutive monthly drop.
The decline nationwide was due to a 2.8% decline in Toronto repeat home sales prices. After Toronto, the biggest drops were seen in Hamilton (down 1.8%), Edmonton (down 0.7%) and Winnipeg (down 0.7%). The biggest increase for the month was Halifax (up 1.3%), followed by Vancouver, Quebec City (up 0.6%), Montreal (up 0.4%) and Victoria.
Teranet’s figures differ from those published by the Real Estate Board of Greater Vancouver and the British Columbia Real Estate Association, as those organizations measure all home sales, not just repeat sales of single-family dwellings.
@EmmaHampelBIV
