Issue 16-170: Price of New Housing

September 8, 2016

The cost of new housing in British Columbia’s two largest cities continued to climb in July. Relative to July of 2015, the new housing price index in Vancouver rose by 5.5%, while Victoria experienced an increase of 3.6% during the same time period. The climb in prices was due exclusively to rising prices for new houses, as land values were unchanged in both cities.

Nationally, prices increased by 2.8% in Canada as a whole. Among individual housing markets, Toronto/Oshawa experienced the strongest growth in July, as the new housing price index rose by 7.0% on a year-over-year basis, followed by Vancouver and St. Catharines-Niagara (5.1%). On the other hand, Saskatoon experienced the largest decline in prices (-3.2%), followed by Calgary (-0.6%) and Greater Sudbury/Thunder Bay (-0.2%).

Data source: Statistics Canada