Victoria is among Canada’s leader in new housing prices (Black Press Media File).

Greater Victoria among Canadian leaders in new housing prices

New housing prices rose by one per cent in February

New housing prices in Greater Victoria are among the fastest growing in Canada, according to Statistics Canada.

Victoria Census Metropolitian Area (CMA) saw the price for new homes rise by one per cent in February compared to January. That rate gave Victoria the third-highest increase in the country, as 17 out of 27 CMAs recorded increases in the cost of new housing.

Ottawa — “Canada’s hottest housing market,” according to the agency — saw an increase of 1.1 per cent, the same as St. Catharines-Niagara, followed by Victoria, and Cambridge-Waterloo (0.9 per cent).

“Builders in all four CMAs reported favourable market conditions as the primary reason for the increase,” read an accompanying analysis.

These conditions include among others population growth coupled with low unemployment rates, with Victoria recording both.

RELATED: Migration drives Greater Victoria’s population growth

RELATED: Greater Victoria records lowest unemployment rate in Canada

While Victoria CMA is not growing as fast as it did during the middle of the last decade — some 8,596 people moved to the CMA in 2016 alone — it remains a popular destination for international migrants as well as arrivals from other parts of the province. (Without attracting residents from other parts of the province and around the world Victoria would actually be shrinking as the number of people who died in Greater Victoria outstripped the number of newborns by 746, as of July 1, 2019 and the number of deaths has outstripped the number of newborns every year since 2008/09.)

Victoria also consistently boosts one of the lowest unemployment rates in Canada, recording the lowest in all of Canada with 3.4 per cent in March 2020. British Columbia’s unemployment rate, by contrast, stood at five per cent, up 0.5 per cent from January 2020.

But this attractiveness also has a price. A global survey tracking global housing affordability shows Greater Victoria is the 16th most unaffordable housing market in eight major countries. (Hong Kong is the least affordable and Vancouver the second-least affordable market, according to the 16th annual Demographia International Housing Affordability Survey).

The figures from Statistics Canada come with one bright spot for residents concerned about housing affordability. Compared to the same period last year, new housing prices have remained exactly the same.


Like us on Facebook and follow @wolfgang_depner

wolfgang.depner@peninsulanewsreview.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Sidney senior welcomes outreach phone calls from charity

A long-time user of Sidney’s SHOAL Centre, praises Beacon Community Services

BC Ferries further reduces sailings in response to COVID-19

Any sailing reservations cancelled due to schedule changes will be refunded

Royal Athletic Park will not be a shelter site during COVID-19 crisis: Victoria mayor

Indoor sites to be coordinated with Island Health, BC Housing

COVID-19: Saanich company joins nation-wide effort to produce 30,000 ventilators

StarFish Medical using a ‘purpose-driven design for rapid manufacturing,’ CEO says

Judge rejects pandemic as reason to grant bail to immunocompromised prisoner

Esquimalt man told there are more health risks for addicts on the street than there are in jail

Mental Health: Planning for a crisis

Crisis planning lays out a blueprint in case hard times hit

B.C. sorting medical equipment sales, donation offers for COVID-19

Supply hub has call out for masks, gowns, coronavirus swabs

B.C. records five more deaths due to COVID-19, 45 new cases

A total of 838 people have recovered from the virus

Major crimes investigating sudden death of North Okanagan child

The 8 year old was flown to Kelowna General Hospital and died hours later

Easter Bunny added to B.C.’s list of essential workers

Premier John Horgan authorizes bunny to spread “eggs-ellent cheer” throughout province

Travellers returning to B.C. must have self-isolation plan or face quarantine: Horgan

Premier John Horgan says forms must be filled out by travellers

More than 400 animals have been adopted amid pandemic: B.C. SPCA

People are taking this time of social distancing to find a loyal companion through the animal welfare group

VIDEO: More than 85 people displaced by Campbell River apartment fire

Traffic is being diverted around Dogwood Street and 9th Avenue

Thieves steal $5,000 worth of cigarettes and candy from semi trailer in Nanaimo

Culprits hit truckload in shipping company storage yard on Old Victoria Road on Monday

Most Read