Issue 19-204 Price of New Housing

December 20, 2019

The cost of new housing in the province’s two largest cities was lower in November than in the same month last year. The 1.0% decrease in Victoria was the result of a decline in housing prices (-2.4%), as land value (+1.7%) was on the rise. Vancouver's New Housing Price Index dipped a notable 2.8%, also primarily reflecting lower housing costs (-4.5%), but land values were also down slightly (-0.2%). Meanwhile, prices in Kelowna (+/-0%) remained unchanged from November of 2018.

Nationally, the cost of new housing was relatively flat (-0.1%) during the twelve-month period ending in November.

Data Source: Statistics Canada