Issue 19-113 Price of New Housing

July 11, 2019

The cost of new housing in the province’s three largest cities was lower in May than in the same month last year. The 1.4% decrease in Victoria was the result of a decline in housing prices (-2.3%), as land value (+0.7%) climbed. Vancouver's New Housing Price Index dipped 0.9%, also reflecting lower housing costs (-1.8%) and higher land values (+0.4%). A similar picture was also painted in Kelowna, where overall prices declined 0.7% over the twelve-month period (-1.0% for new houses and +0.3% for land).

New housing prices declined in 11 of Canada’s 27 census metropolitan areas (CMAs). With a 2.7% decrease over May of 2018, Regina saw the largest decline, followed by Victoria and Saskatoon (each down 1.4%). On the other side of the scale, Ottawa (+4.7%) recorded the biggest boost in new housing prices among the 16 CMAs reporting year-over-year increases, followed by London (+3.0%) and Montréal (+2.7%). As a result of such varied price changes among its cities, the cost of new housing in Canada was virtually unchanged
(+/-0%) during the twelve-month period ending in May.

Data Source: Statistics Canada