Issue 18-122 Price of New Housing

July 12, 2018

The cost of new housing in B.C. remained unchanged between April and May. Prices in Kelowna rose 0.2% in the month, while prices in Vancouver and Victoria remained unchanged compared to the previous month.

Relative to the same month of 2017, the cost of new housing in B.C. continued to climb in May, rising by 4.4%, the largest increase among provinces. Vancouver (+4.8%) reported the second largest price increase among all surveyed census metropolitan areas, with the price of both land (+1.8%) and buildings (+6.5%) up from last year. In Victoria, new housing prices rose 1.4% in May compared to the same month the previous year, while Kelowna saw prices climb by 2.9% in the same period.

Nationally, new housing prices were 0.9% higher in May than in the same month of 2017, led by Ottawa-Gatineau (Ontario part) growing at 5.2%, Vancouver (+4.8%), and London (+4.6%). The increase was widespread, as new housing prices were up in all but six of the reported census metropolitan areas, with Saskatoon (‑1.4%) posting the largest decrease.

Price of New Housing for Canada and B.C.