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

City of Kimberley reviews Snow and Ice Management Plan for 2019/20

The City of Kimberley is gearing up for another winter and preparing… Continue reading

Mark Creek Market donates $2250 to Kimberley Minor Hockey

The annual Super Saver Coupon book sale raised over $2000 for the minor hockey association

Interior Health launches GetCheckedOnline program in Kimberley

Kimberley residents now have easier access to anonymous testing for sexually transmitted and blood borne infections

It happened this week in 1912

Dec. 8 - 14: Compiled by Dave Humphrey from the newspapers at the Cranbrook History Centre and Archives

VIDEO: Success of wildlife corridors in Banff National Park has advocates wanting more

Demand for more highway protection escalated after seven elk were killed by a semi-trailer near Canmore

Sharks beat Canucks 4-2 to snap 6-game skid

Vancouver visits Vegas on Sunday

Fans sing Canadian anthem after sound system breaks at BMW IBSF World Cup

The Canadians in attendance made sure their team and flag were honoured on the podium

VIDEO: Fire destroys Big White Ski Resort chalet

Social media eulogies peg the property, nicknamed “The Pharamacy,” as both loved and hated

Prince George RCMP use bait packages to catch porch pirates over the holidays

First-in-Canada program with Amazon looks to combat parcel theft

Nanaimo mechanical engineer creates thief tracking program

Nanaimo Thief Tracking lets users plot and share information about thefts online

Mayor wants B.C. to institutionalize severely mental ill people who are homeless

Those suffering from mental health conditions, such as schizophrenia, need specialized care, mayor says

Five things of note from Trudeau’s mandate letters to his ministers

Some marching orders come from the Liberal Party’s campaign, while others are new additions

Most Read