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.

Just Posted

Festival goers at the 27th annual Roots and Blues Festival

The Observer asked: Where are you from and what brought you to the festival?

Mistake-riddled offence leads to first loss for Okanagan Sun

The Sun lost to the Westshore Rebels 16-13

Fire departments extinguish suspicious wildfire near West Kelowna

Crews established a fire guard and knocked down the blaze before it grew to one hectare.

15-year-old boy drowns after midnight jump into Okangan Lake

The RCMP and BC Coroners Service are investigating the drowning.

Letter: LGBTQ2 are part of ‘our’ Canada

“It is all of our taxes that pay for all of us.”

70 years of lifting: Canadian man, 85, could cinch weightlifting championship

The senior gym junkie is on track to win the World Masters Weightlifting championship

Summerland’s downtown has gone through numerous changes

Main Street has been commercial hub of community for many years

Advocates ‘internationalize’ the fight to free Raif Badawi from Saudi prison

Raif Badawi was arrested on June 17, 2012, and was later sentenced to 1,000 lashes and 10 years in jail for his online criticism of Saudi clerics

Okanagan climate advocacy group protests against Tolko

Group to demonstrate outside Vernon head office Monday over plan to log close to water supply

RCMP, search crews hunt for 4-year-old boy missing near Mackenzie

George went missing early Saturday afternoon

Okanagan Cultural Connections live venue tour kicks off in Vernon

Two dozen promoters, national booking agents, and music reps to visit venues from Vernon to Oliver

Canadian entrepreneurs turning beer byproduct into bread, cookies and profits

Some breweries turn to entrepreneurs looking to turn spent grain into treats for people and their pets

Most Read