Issue 17-106: Price of New Housing

September 14, 2017

In July the cost of new housing in B.C. was up from June by 1.7%. The rise was concentrated in Vancouver (+2.0%) and Kelowna (+0.9%), as Victoria registered no change in prices compared to the previous month.

Relative to the same month of 2016, the cost of new housing in B.C.’s two largest cities continued to climb in July. Vancouver (+7.8%) reported the largest price increase among surveyed census metropolitan areas, with the price of both land (+4.4%) and building (+8.8%) up from last year. In Victoria, new housing prices climbed 3.0% in July compared to the same month the previous year.

Nationally, new housing prices were 3.8% higher in July than in the same month of 2016. The increase was led by Vancouver, followed by Toronto (7.4%) and London (+7.4%). The increase was widespread, with new housing prices up in all but four of the reported census metropolitan areas.

New housing price index, Canada and B.C.

Source: Statistics Canada, New Housing Price Index