A slight dip the cost of in brand-new homes in Greater Vancouver were found year-over-year to November of 2014 despite an average price increase across Canada, a new report shows.
Data from Statistics Canada’s New Housing Price Index said the region saw a drop of 0.6% compared with a year ago. Moreover, between October and November, prices fell 0.2%, marking the first monthly drop in the city since July.
Builders attribute the decrease is to lower negotiated selling values.
But it was Charlottetown that had the country’s biggest decline, with prices falling 1.9%.
Meanwhile, the average price of a new home outside Greater Vancouver jumped 1.7% year-over-year to November. Calgary saw the highest price jump of 6.5% on the same period.
The report said this movement was mostly due to the cost of the housing itself, which grew 2%, compared with a 1% increase in the cost of land.
Statistics Canada only determines the selling price of new single dwellings, demi-detached homes and row houses.
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