Housing prices jump
Trevor Nichols - Jul 13, 2017 - Biz Releases

Photo: CTV

The price of a new house in Canada jumped 0.7 per cent from April to May, a rise spurred on by inflating real estate markets in places like Toronto and Vancouver.

Statistics Canada says the 1.1 per cent rise in the cost of new Toronto homes over that time, and the 2.2 per cent jump in Vancouver, were both at least partly due to favourable market conditions in those cities.

Statistics Canada only began publishing housing price index statistics for Kelowna at the beginning of this year, but from January to May the agency says the cost of a new house rose by 0.7 per cent in the city.

Interestingly, StatsCan says new homes in Kelowna only rose in price by 0.1 per cent from January to April, and then shot up an additional 0.6 per cent from April to May.

The agency hasn’t released data for June yet, but the numbers suggest trends described by local realtors are accurate. Many have said house prices in Kelowna began rising dramatically just in the past few months.

Local realtor Mark Walker recently told Okanagan Edge the price of some recreational properties in the city has jumped by a “minimum of 10 per cent” in just the last three months.

The steep rise in new home prices in Kelowna in May appear to reflect the beginning of that rise.

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