While average home prices remained flat throughout most of Canada, Metro Vancouver saw a big year-over-year gain in the month of March, according to the Teranet–National Bank Composite House Price Index.
Metro Vancouver witnessed house prices grow .6% from February to March, and 7.6% compared to the same month last year.
Growth in the West Coast city was second only to Calgary, which saw house prices rise 1.4% from February to March, and 9.7% year-over-year.
Meanwhile, the Teranet report showed 0% change in house prices across Canada from February to March.
"Except for the recession year 2009, this is the first time in 15 years of index data collection that home prices for Canada as a whole have failed to advance in March," the report said.
Although house prices were flat month-to-month, the number went up 4.6% in March 2014 compared with March 2013.
The rise of house prices in Metro Vancouver was mostly muted — increasing .4% from February to March, and going up just .2% year-over-year.
