Issue 19-161 Price of New Housing

October 10, 2019

Compared to the same month last year, the cost of new housing in the province’s three largest cities continued to ease in August. The New Housing Price Index dipped notably in Vancouver (-1.3%) and Victoria (-1.7%), as lower housing costs (-2.2% in Vancouver and -2.9% in Victoria) offset slight increases in land values in both areas (+0.4% and +0.7%, respectively). Meanwhile, a 0.4% decline in Kelowna was also the result of a dip in housing prices (-0.5%), as land value was unchanged.

Year-over-year, new housing prices advanced in 16 of Canada’s 27 metropolitan areas in August. With a 5.5% increase over August of 2018, Ottawa led the way, followed by Montreal (+4.3%). However, overall strength was offset by declines among other CMAs, most notably Calgary (-2.2%) and Regina (-2.1%), such that nationally, the cost of new housing inched down 0.3% during the twelve-month period.

Data Source: Statistics Canada