Issue 18-174 The Price of New Housing

October 12, 2018

The cost of new housing in B.C.'s two largest metropolitan areas continued to climb in August. In Victoria, new housing prices were 1.4% higher than the same month of 2017, while homebuilders in the Vancouver area received 1.0% more for their projects. Land costs inched up 0.5% in the Capital city, while the price of new housing increased 1.8%. A different pattern was seen In Vancouver, where the cost of land was up 1.8% from August of last year, and building prices saw a modest 0.5% boost.

Nationally, the new housing price index was up just 0.4% during the twelve-month period ending in August.

Data Source: Statistics Canada