According to Statistics Canada, Metro Vancouver posted a miniscule 0.2 per-cent increase in new home prices in May from April, which is below the national gain of 0.4 per-cent. The city also showed a drop of 0.8 per-cent compared to May 2010. Nationally, new home prices rose 1.9 per-cent. However, a report by Royal LePage released said that over the past year Vancouver’s overall housing market experienced some of the largest price increases in the country.
StatsCan said Regina had the biggest month-over-month increase. Prices were unchanged in seven of the 21 metropolitan regions surveyed by the federal agency. According to Royal LePage, the average housing price in Canada rose 7.5 per cent in the second quarter from a year earlier. The president and chief executive stated that in many markets housing prices appreciated at a significantly faster rate than wages and salaries and this trend cannot continue indefinitely.
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