BC Interior housing prices 50% higher than five years ago
While the price of a home has declined in the BC Interior since peaking in the spring of 2022, they are still ahead of last August and well above what they were three and five years ago.
The latest Canadian Real Estate Association figures, published today, Sept. 15, show prices were up in Canada by 0.4% in August versus July and up 0.3% over the past year.
In contrast, the Interior of BC was up 1.4% over last year and 1.1% since July. That benchmark price for all home categories was $693,500 in the Interior. The data only covers the entire BC Interior.
While those are slight changes year-over-year, a longer time frame shows huge jumps. Today’s home prices in the Interior are 44% higher than they three years ago and 52.5% higher than five years go.
In BC, only Vancouver Island prices increased faster over that five-year period at 59.8%. Nationally the increase was 39.5%.
The highest benchmark price in August was in the Oakville-Milton area of Ontario at $1.4 million. That’s a 63.3% increase from five years ago.
The highest BC price was Greater Vancouver at $1.2 million, a 21.7% increase over the past five years.
The most affordable region in the country, in August, was the Mauricie region of Quebec at $246,500. That’s an 88.6% increase in the last five years.
READ MORE: Okanagan residents flee high prices to relocate to Alberta
The biggest price increase over the past five years was 104.6% in Ontario’s Tillsonburg District, reaching $592,000 in August.
Edmonton had the smallest increase in the past half-decade at 5.9%, reaching $370,100 in August.
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