Metro Vancouver’s average housing prices have not increased for a full year, according to the latest update to the Teranet–National Bank National Composite House Price Index.
- Pre-sales in Metro Vancouver’s housing market dropped by 47% this year to date
- 1 in 5 new residential units proposed 3 years ago in Vancouver now cancelled: report
- Metro Vancouver’s housing market has reached the ‘cyclical bottom’: report
- Vancouver home prices grew over 200% faster than New York City since 2000
- Metro Vancouver’s risk of overheated housing market downgraded: CMHC
In fact, the depressed market in the Vancouver region is dragging down the national performance, with the countrywide average for July up at 0.7% from the month before. The 21-year average for the month is 1%.
“The unadjusted index was held down in July by a 1% decline in the Vancouver index, its 12th month without a rise. Vancouver was the only metropolitan area surveyed whose run of declines continued in July. Indexes for the other 10 markets of the composite index were all up on the month,” reads the update.
Western Canada’s three largest markets were down year-over-year; Vancouver fell by 6.2%, Calgary down by 3.1%, and Edmonton down by 2.8%.
A decline of 2.7% was also experienced in Abbotsford-Mission since early 2019.
Other small markets of Victoria and Winnipeg saw insignificant gains of 0.6% and 0.5%, respectively.
While Western Canada saw drops, Eastern Canada saw some notable year-over-year growth, with Ottawa-Gatineau increasing by 6%, Montreal by 5.8%, Hamilton by 5.1%, Toronto by 3.2%, and Halifax by 3.2%.
Other markets around the Golden Horseshoe have seen upticks since the start of the year, following a slump last year; Oshawa is up 2.5%, Guelph at 4%, Sudbury at 4.8%, St. Catherines at 4.1%, Barrie at 4.9%, Kitchener at 5%, London at 5.4%, Brantford at 7.7%, Windsor at 7.7%, Peterborough at 8.7%, and Thunder Bay at 10.5%.