Issue 18-84 Price of New Housing

May 10, 2018

The cost of new housing in B.C. went up 0.1% between February and March. Prices in Vancouver and Kelowna remained unchanged compared to the previous month, while prices in Victoria rose by 1.2%.

Relative to the same month of 2017, the cost of new housing in B.C. continued to climb in March, rising by 7.4%, the largest increase among provinces. Vancouver (+8.4%) reported the largest price increase among all surveyed census metropolitan areas, with the price of both land (+3.6%) and buildings (+9.8%) up from last year. In Victoria, new housing prices rose 1.4% in March compared to the same month the previous year, while Kelowna saw prices climb by 3.3% in the same period.

Nationally, new housing prices were 2.4% higher in March than in the same month of 2017, led by Vancouver (+8.4%) and London (7.7%). The increase was widespread, with new housing prices up in all but six of the reported census metropolitan areas, with Saskatoon (‑2.0%) posting the largest decrease.

New Housing Price Index, Canada and B.C.

Price of New Housing Index, Canada and B.C.

Source: Statistics Canada