Selling prices for new housing in Vancouver remained unchanged in July, according to numbers released this morning by Statistics Canada.
Nationally, the New Housing Price Index (NHPI) rose 0.1% in July, following a 0.3% advance in June. Toronto and Oshawa were top contributors to the July increase.
Vancouver was one of six metropolitan areas, of the 21 surveyed, where prices remained unchanged for the month. Victoria’s index was up 0.1% in July.
According to Statistics Canada, the most significant monthly price decline was recorded in Calgary (-0.5%), where some builders offered free upgrade packages and promotional pricing to generate sales.
Year over year, the index was up 2.3% in July nationally; in Vancouver, the index was up 0.1%.
Nationally, the largest year-over-year price increase was in Toronto and Oshawa (5.2%), followed by Winnipeg (4.3%).
Five of the metropolitan areas surveyed posted 12-month price declines in July, led by Windsor (-2.7%) and Victoria (-1.6%).
According to Statistics Canada, the NHPI measures changes over time in the selling prices of new residential houses agreed upon between the contractor and the buyer at the time of the signing of the contract.
It is designed to measure the changes in the selling prices of new houses where detailed specifications pertaining to each house remain the same between two consecutive periods.
Jenny Wagler
Twitter: JennyWagler_BIV