New home prices in Vancouver declined in November, despite overall growth across the country.
According to Statistics Canada, the New Housing Price Index (NHPI) rose 0.3% nationally, following a 0.2% increase in October. Toronto and Montreal were among of the top contributors to November’s increase.
However, StatsCan noted in its report that “the positive impact of these metropolitan regions on the overall index was offset, in part, by decreases observed in Vancouver and Calgary. In Vancouver, the monthly price decline was recorded at 0.3%.
The report stated that a few builders in the city offered promotional pricing during this period to try to mitigate losses.
According to the year-over-year survey of metropolitan regions, Victoria led the way in 12-month price declines with a decrease of 1.7%.
Jennifer Harrison
@JHarrisonBIV