Issue 19-96 Price of New Housing

June 13, 2019

Relative to the same month of 2018, the cost of new housing in B.C.’s three largest cities declined in April. Home builders in Victoria received 1.0% less for their projects, and the housing price index was also down slightly in Vancouver (-0.6%) and Kelowna (-0.2%). Vancouver and Kelowna saw fairly stable land values (each +0.3%), but land prices stalled in the capital city (-0.2%). For all three metropolitan areas, the main downward pressure came from decreases in new housing prices (-1.5% in Victoria, 1.3-% in Vancouver and -0.2% in Kelowna).

Nationally, the new housing price index was relatively flat (+0.1%) during the twelve-month period ending in April.

Data Source: Statistics Canada