Issue 17-168 Price of New Housing

December 14, 2017

The cost of new housing in B.C. rose 0.3% from September to October. The rise was concentrated in Vancouver (+0.3%) and Victoria (+0.2%), as prices in Kelowna were unchanged from the previous month.

Compared to October 2016, the cost of new housing continued to increase in both Vancouver (+8.4%) and Victoria (+2.0%). The 12-month change in Vancouver was the largest among surveyed census metropolitan areas, with the price of both land (+5.2%) and building (+9.4%) up from last year.

Nationally, new housing prices were 3.5% higher in October than in the same month of 2016. After Vancouver, London (+8.1%) had the next largest increase, followed by St. Catharines-Niagara (+5.2%) and Toronto (+5.1%). The increase was widespread, with new housing prices up in all but four of the reported census metropolitan areas.

new housing price index december 2017

Source: Statistics Canada