The blue canoe is new! (5)
I believe the answer is:
ocean
'the blue' is the definition.
(thesaurus)
'canoe is new' is the wordplay.
'is new' indicates anagramming the letters.
'canoe' with letters rearranged gives 'OCEAN'.
(Other definitions for ocean that I've seen before include "A mighty sea" , "It's pretty wet!" , "Pacific, perhaps" , "Huge expanse" , "Salt water expanse" .)