Issue 16-213: Price of New Housing
November 10, 2016
In September, contractors’ selling prices for new homes (both house and land) in British Columbia climbed 5.2% compared to September 2015. This was the 18th consecutive month of year-over-year increase in the New Housing Price Index (NHPI), dating back to April 2015. This period of increase had been preceded by a 50 month run of year-over-year declines which began in February 2011.
The cost of the house (combining construction and market conditions) was the most important contributor to the increase, rising 7.4% year-over-year, compared with a modest 0.3% increase in land cost.
The year-over-year increase in the NHPI in Vancouver was also 5.2%, while in Victoria the increase was 4.2%.
Nationally, NHPI was up 2.8% compared to September 2015. Statistics Canada reports that “the combined metropolitan region of Toronto and Oshawa (+7.1%) was the top contributor to the gain, and also recorded the largest year-over-year price increase in September among the CMAs covered by the survey.”
Data Source: Statistics Canada