New housing prices increased by 1.9% nationwide in July compared with the previous year, while Vancouver and Victoria were the only two cities in the country where prices dropped, according to Statistics Canada data released September 12.
Prices in Vancouver decreased by 1.0% year-over-year while Victoria saw a 1.2% drop.
Vancouver saw a slight increase (0.2%) in July compared with June – the same as the national average. The price for new housing in Victoria remained the same month over month.
One of the biggest drivers behind the national price increase from June to July was increased material and labour costs and a shortage of developed land in Calgary.
Price increases in Calgary have driven the national average upward over the past eight months.
The biggest prices year-over-year increases in new house were found in:
- Calgary (up 5.8%);
- Winnipeg (up 5.2%); and
- St. Catharines-Niagara (up 3.4%).
