The price of new housing fell in Vancouver and Victoria in October, according to Statistics Canada data released December 12.
The two British Columbia cities and Ottawa were the only cities in Canada to see price declines compared with one year prior. Vancouver and Victoria joined Charlottetown as the only three metropolitan areas with price dips when compared with September.
Year-over-year, new housing prices fell 1.5% in Vancouver and 0.9% in Victoria. Prices in Ottawa fell 0.4% over the same period.
Nationally, prices increased 1.5% between October 2012 and October 2013 – the smallest annual increase in over three years. Calgary led the way with a 6.1% jump, followed by Winnipeg at 4.1%.
Prices in Vancouver and Victoria were down 0.2% and 0.1% compared with one month prior, due to lower negotiated selling prices in both cities. Prices in Charlottetown fell by 0.1% over this period.
Canada-wide, home prices increased by 0.1% between September and October this year, after having no change between August and September. Windsor, Ontario, had the biggest percentage increase at 0.7%. Builders in that city said increasing material costs
Dollar-wise, however, Hamilton, Ontario, contributed the most to the national increase with prices increasing 0.6%. Builders cited higher list prices for new phases of development and market conditions as reasons for this gain.
