Metro Vancouver has gone a year without a house price increase

The region was the only metro area to post an index decline in July, according to the latest Teranet-National Bank house price index

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 one per cent 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.

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Prices were down 6.2 per cent 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 per cent 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 per cent 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 per cent. The gain falls below the month’s 21-year average of a one per cent increase.

hwoodin@biv.com

@hayleywoodin

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