Statistics Canada reports that Vancouver housing prices rose 0.5 percent in March, notwithstanding a pandemic

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      It's widely expected that the Metro Vancouver housing market will experience a serious slowdown because of the novel coronavirus.

      But in March, new home prices still managed to climb 0.5 percent on a month-over-month basis in the region, according to a report issued today by Statistics Canada.

      This occurred despite the World Health Organization declaring a pandemic on March 11.

      Earlier this month, the Canadian Real Estate Association reported a sharp drop in home sales and listings in March due to COVID-19.

      Nevertheless, new housing prices rose 0.3 percent nationally, according to Statistics Canada, with the highest increase, 1.2 percent, occurring on the Ontario side of Ottawa-Gatineau.

      New housing prices were flat in March in Kelowna and declined by 0.2 percent in Victoria.

      Earlier this week, the B.C. Real Estate Association forecast a deep recession due to the pandemic, followed by a significant recovery in home sales and prices in 2021.

      Statistics Canada shows which cities posted increases in new home prices and which experienced declines in March.
      Statistics Canada