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

‘There are angels out there’ – Okanagan Falls resident reunited with those who saved his life

Heroic efforts of both neighbours and first responders kept Steven St. Germain alive on August 25

Penticton shelter meeting current need, accepting donations of blankets, clothing

The shelter offers 30 beds year-round and 25 more temporarily over the winter

Okanagan Similkameen could have a sister city in the south of France

Regional District of Okanagan Similkameen considering agreement with wine region in southern France

Nature Wise: Thoughts in parting

Bob Handfield passes Nature Wise column on

Bob Ross is coming to Penticton in 2020

32 of the late painter and TV celebrity’s works will be on display at the Penticton Art Gallery

VIDEO: Boys help rescue Cariboo bear cub

The cub, weighing just 24lbs, has been taken to wildlife sanctuary in Northwest B.C. for the winter

Healing with honesty: Justice served 40 years later

Revelstoke senior gets house arrest for sexually assaulting stepdaughter

WorkSafe BC to investigate explosion at Princeton facility

Explosion at Envirogreen waste reclamation plant occurred Nov. 27

Doors open to Vernon’s first refill store

Vernon’s Refill Store may be answer to plastics problem

Okanagan RCMP not toying around when it comes to impaired drivers

Saturday, Dec. 7 is National Impaired Driving Enforcement Day

‘Things haven’t changed enough:’ Ecole Polytechnique anniversary prompts reflection

Fourteen women were fatally shot by a gunman at the Montreal school on Dec. 6, 1989

Bear raids freezer, gorges on Island family’s Christmas baking

Hungry bruin virtually ignored meat and fish, focused, instead, on the sweets

Crown delves into Sagmoen’s history with North Okanagan sex workers

Decision on validity of police search warrant will be made on Monday, Dec. 9

Kelowna man attempts to steal bait bike from RCMP parking lot

38-year-old Brian Richard Harbison is facing several charges

Most Read