Issue 20-8: Price of New Housing

January 23, 2020

The cost of new housing in B.C.'s two largest metropolitan areas continued to decline in December. In Victoria, new housing prices were down 0.8% over the same month of 2018, while homebuilders in the Vancouver area received 2.3% less for their projects. Land costs were 1.7% higher in the Capital city but were offset by a 2.1% decline in the price of new housing. In Vancouver, the cost of land was up slightly (+0.3%) from December of 2018, while building prices were down notably (-3.9%). Meanwhile, Kelowna saw overall new housing prices inch up 0.2%.

Nationally, new housing prices inched 0.1% higher in December over the same month of 2018, with the largest year-over-year price increases seen in Ottawa (+7.2%) and Montréal (+6.6%).

Data Source: Statistics Canada