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

One dead after work-place accident

Incident under investigation

Questionable decision

Mayor effectively invited intimidating public display by having people show what side they were on

Flashback: Library concerns, a new park and new seniors plans

Welcome to Lake Flashback. Reporter Lexi Bainas has been combing through old… Continue reading

Take your family to the Cobble Hill Fair this Saturday

Animals, rides, those wonderful displays in the hall, food and fun in store in Cobble Hill

Motor circuit expansion proposal to go to public hearing

North Cowichan gives applications third readings at packed meeting

New police force in Surrey must avoid VPD, RCMP errors made in Pickton case: Oppal

Boots are scheduled to be on the ground by spring 2021

Striking Western Forest Products workers could lose benefits in September

Union, forest company at odds over Vancouver Island benefit payments as strike enters third month

Conan turns to the Property Brothers for tips on buying Greenland

Jonathan Scott suggests removing glaciers and mountains to bring in ‘more natural light’

Forests minister visits B.C. town rocked by multiple mill shutdowns

A third of Mackenzie turns out for rally, not much to cheer about

B.C. sockeye returns drop as official calls 2019 ‘extremely challenging’

Federal government says officials are seeing the same thing off Alaska and Washington state

Expanded support to help B.C. youth from care attend university still falling short

Inadequate support, limited awareness and eligibility restrictions some of the existing challenges

B.C. music teacher accused of sexual misconduct involving girls

Police believe other victims could be out there after the arrest of Lamar Victor Alviar

Most Read