Townhouse construction in the Lower Mainland. (Black Press Media)

New home cost dips in B.C.’s large urban centres

Victoria, Kelowna, Vancouver prices decline from last year

B.C.’s largest cities saw the price of new housing decrease this spring, despite a continued rise in land values, the latest figures from Statistics Canada show.

Victoria saw the largest decrease among metropolitan areas in May, down 1.4 per cent from the same period in 2018. Victoria’s housing price fell 2.3 per cent, offset by a 0.7 per cent increase in land value in the same period.

The Vancouver census metropolitan area saw a 1.8 per cent decrease in house cost as land prices rose 0.4 per cent, for a net decrease of 0.9 per cent to average market prices. Kelowna’s metropolitan area recorded a one per cent decrease in house costs and a 0.3 per cent increase in land cost, for a 0.7 per cent decline during the 12-month period ended in May.

RELATED: Housing starts on rise across Canada, CMHC says

RELATED: 12,000 property owners to pay B.C. speculation tax

The B.C. government has been attempting to rein in the high cost of housing, with a speculation and empty homes tax on urban centres with low rental vacancy rates. It reported last week that 12,000 property owners are currently expected to pay the new property tax, and more than half are foreign owners or “satellite families” of main income earners who live outside Canada.

Across Canada, housing prices declined in 11 of 27 metropolitan areas as of May. Prices also fell in Toronto, Winnipeg, Regina, Saskatoon, Edmonton and Calgary, and rose in Ottawa, London and Montreal. The survey counts detached, semi-detached and townhomes.


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

BC legislature

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

CGL completes first in-field pipeline welds for Kitimat section of project

‘I never thought I’d live to see this day:’ Skeena MLA praises start of pipeline welding in Kitimat

Housing committee recommends District deny strata application for 1425 Nalabila Boulevard

Council is set to consider the matter at their June 1 meeting

BC Hydro studying new power connection in northwest B.C.

Would supply hydro-electric power to planned LNG plant at Kitimat

Illicit overdose deaths on the rise during COVID-19: Northern Health

March 2020 saw a 61 per cent increase in illicit overdose deaths province-wide compared to February

B.C. records four new COVID-19 cases, Abbotsford hospital outbreak cleared

Four senior home outbreaks also declared over, eight still active

RCMP, coroner investigate murder-suicide on Salt Spring Island

Two dead, police say there is no risk to the public

About 30% of B.C. students return to schools as in-class teaching restarts amid pandemic

Education minister noted that in-class instruction remains optional

Trudeau avoids questions about anti-racism protesters dispersed for Trump photo-op

Prime minister says racism is an issue Canadians must tackle at home, too

B.C.’s Law Enforcement Torch Run for Special Olympics goes virtual

The annual event partnering RCMP with Special Olympians is dramatically altered by COVID-19

Introducing the West Coast Traveller: A voyage of the mind

Top armchair travel content for Alaska, Yukon, BC, Alberta, Washington, Oregon and California!

Bateman program encourages people to sketch outside, connect with nature

#MyNatureSketch initiative encourages Canadians to become ‘bright-eyed three year olds’

Be cautious expanding COVID-19 bubble, Dr. Bonnie Henry tells B.C.

Senior homes stay off-limits as schools, businesses reopen

Most Read