Issue 18-47: Price of New Housing

March 8, 2018

The cost of new housing in B.C. was unchanged between January and December of last year. Prices in Vancouver, Kelowna and Victoria also 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 January, rising by 7.9%. Vancouver (+9.0%) reported the largest price increase among all surveyed census metropolitan areas, with the price of both land (+5.0%) and building (+10.3%) up from last year. In Victoria, new housing prices rose 1.2% in January 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 3.2% higher in January than in the same month of 2017, led by Vancouver (+9.0%) and London (6.8%). The increase was widespread, with new housing prices up in all but four of the reported census metropolitan areas, with Saskatoon (‑1.5%) posting the largest decrease.

New housing price index, Canada and B.C.

Source: Statistics Canada