Home prices in Vancouver dipped 0.03% in May compared with April, according to the Teranet-National Bank National Composite House Price Index released June 12.
This is the first decrease after 12 consecutive monthly increases.
Nationally, the index rose 0.76% over the month.
“This increase, though substantial in itself, was the fifth smallest for May in the 16 years covered by the index,” Teranet said in its report.
“The countrywide composite index rose to an all-time high, but only three of the 11 metropolitan markets surveyed did the same.”
Year-over-year, home prices in Vancouver grew 8.15% and across Canada by 4.58%.
As far as the prices of new homes only, Statistics Canada released its New Housing Price Index on the same day. This data showed that Vancouver has once again had Canada’s biggest decrease in new home prices in the twelve months to April.
New homes cost 1.5% less than they did in April 2013. Nationwide, the cost of new homes increased 1.6%. Ottawa-Gatineau had the second-biggest drop over the period, at 1.3%.
Calgary had the largest year-over-year increase, at 7.6%, followed by St. Catharines-Niagara (3.1%).
On a month-to-month basis, new home prices in Vancouver fell 0.3%. This was due to builders reporting lower selling prices and decreased list prices.
Across Canada, prices increased 0.2% from March. The Canadian city with biggest drop over the month was Regina, at 0.5%.
