Issue 20-248: Price of New Housing

February 20, 2020

The cost of new housing in B.C.'s two largest metropolitan areas continued to decline in January. In Victoria, new housing prices inched down 0.7% over the same month of 2019, while homebuilders in the Vancouver area received 2.4% less for their projects. Land costs were up 1.7% in the Capital city but were offset by a 2.0% decline in house prices. In Vancouver, the cost of land was up (+1.5%) from January of last year, but building prices continued to decrease (-4.7%). Conversely, Kelowna saw a slight increase in the price of new housing, climbing 0.8% over January of last year, resulting from increased house prices (1.3%) and unchanged land costs.

Nationally, new housing prices were slightly (+0.2%) higher in January than in the same month of 2019. Despite losses in metropolitan areas in parts of Ontario and the Westernmost provinces, most regions in other parts of the country posted gains, pushing overall national prices higher.

Data Source: Statistics Canada