Market conditions in Vancouver contributed to ongoing strength in that census metropolitan area (CMA), and helped drive new home prices up 0.4% nationally in July.
New Housing Price Index, monthly change
New house prices in Vancouver continued their upward trend, rising 2.0% from June to July. Prices have grown 7.7% in the CMA since the start of the year due to strong demand for housing. First-time home buyers have been eligible for a loan of up to 5% (to a maximum of $37,500) of a home’s purchase price under the B.C. Home Partnership program introduced in January.
Toronto reported no change in new home prices for the second consecutive month. With the exception of Hamilton (+1.5%) and London (+0.9%), prices remained muted in the rest of Southern Ontario as well.
Overall, prices were up in 12 metropolitan areas and were unchanged in the other 15.
New Housing Price Index, 12-month change
New house prices in Canada rose 3.8% over the 12-month period ending in July. Vancouver experienced the largest year-over-year price increase (+7.8%) among surveyed CMAs, followed closely by Toronto and London (both +7.4%).
Reflecting continued weakness in the housing market, CMAs in Alberta and Saskatchewan recorded three of the four year-over-year declines.
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Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
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