Issue 20-68: Price of New Housing

April 22, 2020

The cost of new housing in B.C. went up by 0.4% between February and March. Prices in Vancouver (+0.5%) saw an increase in the period, while prices in Kelowna remained unchanged. Victoria saw prices fall by 0.2% in the month.

Relative to the same month of 2019, the cost of new housing in B.C. fell in March, decreasing by 1.0%, one of the four provinces registering a decrease in this period. Vancouver (-1.4%) reported the only price decrease among British Columbia’s surveyed census metropolitan areas, with a drop in the price of buildings (‑3.5%) more than offsetting an increase in the price of land (+2.0%). Victoria (+0.2%) and Kelowna (+0.6%) saw prices climb in March compared to a year ago.

Nationally, new housing prices were 0.9% higher in March than in the same month of 2019. Ottawa-Gatineau (Ontario part) (+10.7%) and Montréal (+8.3%) reported the largest price increases. The price gains were widespread, as new housing prices were up in twenty of the twenty‑seven reported census metropolitan areas. Regina (‑4.2%) posted the largest decrease among census metropolitan areas for the fourth month in a row.

 

Price of New Housing in B.C. for March 2020

Source: Statistics Canada