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Issue 17-50

Price of New Housing

The cost of new housing in B.C.'s two largest metropolitan areas continued to climb in January. In Victoria, new housing prices jumped 5.5% over the same month of 2016, while homebuilders in the Vancouver area received 3.6% more for their projects. Land costs inched up 0.9% in the Capital city, while the price of new housing increased a notable 7.3%. In Vancouver, the cost of land was up (+1.3%) from January of last year, and building prices also continued to climb (+4.7%).

Nationally, new housing prices were 3.1% higher in January than in the same month of 2016. Despite losses in metropolitan areas in the Prairie Provinces, most regions in other parts of the country posted gains, pushing overall national prices higher.

Data Source: Statistics Canada

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