Issue 18-09: Price of New Housing

January 11, 2018

In November, the cost of new housing in B.C. was unchanged from October. Prices in all reported Census Metropolitan Areas (CMAs) in B.C. 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. continued to climb in November, rising by 7.6%. Vancouver (+8.7%) reported the largest price increase among all surveyed census metropolitan areas, with the price of both land (+5.2%) and building (+9.8%) up from last year. In Victoria, new housing prices rose 1.6% in November compared to the same month the previous year.

Nationally, new housing prices were 3.4% higher in November than in the same month of 2016. The increase was led by Vancouver (+8.7%), followed by London (7.1%). The increase was widespread, with new housing prices up in all but three of the reported census metropolitan areas, with Saskatoon (‑1.3%) posting the largest decrease.

New Housing Price Index, Canada and B.C.

Source: Statistics Canada