What happened: Metro Vancouver’s house price index fell 1% from June to July, according to data from Teranet and National Bank.
Why it matters: The region is the only metropolitan area surveyed that saw its index fall in July – a sign that housing prices are still pulling away from the market’s peak in July 2018.
Metro Vancouver has gone a year without an increase in its house price index.
The latest report from Teranet and National Bank shows the region’s house price index fell 1% from June to July. It was the twelfth consecutive month without an increase. Metro Vancouver was also the only metropolitan area surveyed that saw its index fall in July.
Prices were down 6.2% over July 2018, the market’s peak.
The other B.C. region in the Teranet-National Bank national composite house price index is Victoria, which saw its index rise 0.6% in July on both a monthly and yearly basis. The index is a fraction – a twentieth of a percent – below the market’s peak in September 2018.
Weakness in the Metro Vancouver market helped weigh down Canada’s national house price index. It registered a 0.4% year-over-year increase – the smallest 12-month gain in nearly a decade (since November 2009).
On a monthly basis, the unadjusted index was up 0.7%. The gain falls below the month’s 21-year average of a 1% increase.