Issue 18-28: Price of New Housing

February 8, 2018

In December, the cost of new housing in B.C. was up from November (+0.2%). Prices in Vancouver reported an increase (+0.2%), while prices in Kelowna and Victoria remained unchanged compared to the previous month.

Relative to the same month of 2016, the cost of new housing in B.C. continued to climb in December, rising by 7.8%. Vancouver (+8.9%) reported the largest price increase among all surveyed census metropolitan areas, with the price of both land (+5.5%) and building (+9.9%) up from last year. In Victoria, new housing prices rose 1.6% in December compared to the same month the previous year, while Kelowna saw prices climb by 3.4% in the same period.

Nationally, new housing prices were 3.3% higher in December than in the same month of 2016, led by Vancouver (+8.9%) and London (7.3%). The increase was widespread, with new housing prices up in all but five of the reported census metropolitan areas, with Saskatoon (‑1.6%) posting the largest decrease.

New Housing Price Index

Annual Price of New Housing 2017

The price of new housing in B.C. went up by 5.7% in 2017 compared to a year earlier. Vancouver (+6.3%) and Victoria (+3.8%) saw increases in new house prices for the year. Nationally, new housing prices rose 3.7% in 2017, led by Ontario (+6.3%) and British Columbia.

Source: Statistics Canada