Business in Vancouver

Vancouver once again has Canada’s biggest jump in repeat home sales prices

24 per cent increase is more than double the national average

PUBLISHED : Friday, 14 October, 2016, 11:34am
UPDATED : Friday, 14 October, 2016, 11:34am

By Emma Crawford Hampel

Repeat home sales prices were up 24 per cent year-over-year in Vancouver in September—the highest gain of all major cities across the country—according to the latest Teranet Home Price Index, which tracks price changes for repeat sales of single-family homes.

This is well above the national average of 11.7 per cent for the period. After Vancouver, the biggest gains were seen in Victoria (up 17.9 per cent), Toronto (up 16.4 per cent) and Hamilton (up 13.1 per cent). Prices declined in Calgary (down 4.9 per cent) and Quebec City (down 2 per cent).

In September alone, repeat prices increased a modest 0.2 per cent in Vancouver. Toronto had the biggest increase at 2.2 per cent, followed by Hamilton (up 1.4 per cent) and Victoria (up 1.1 per cent).

“For Vancouver, it was the 21st straight month without a decline, though the increase of 0.2 per cent was only normal for this time of year after seven months of rises averaging a well-above-normal 2.5 per cent,” Teranet said.

Across Canada, prices increased 0.8 per cent in September. Teranet said this is the second-largest September increase since the company began tracking data in 1999.

On the same day, Statistics Canada published its New Housing Price index, which tracks changes over time in the selling prices of new single dwellings and semi-detached homes. The price for new homes increased 5.4 per cent year-over-year in Vancouver. Toronto and Oshawa saw the biggest increase over the period (up 7 per cent). Nationally, the average new home price increased 2.7 per cent.