Median house prices in British Columbia 2018-2020

The average house price in British Columbia in 2020 was forecasted to be 728,500 Canadian dollars. The house prices rose in the province until 2018, but are set to fall in 2019, before rising again in 2020. This trend will also affect the average house prices in Canada as whole.

Why are house prices falling?

The downward trend in house prices is caused by the new mortgage stress test, the foreign buyers tax and other provincial policies introduced in 2018 and 2019, according to BC real estate experts. The mortgage stress test means that mortgage loan applicants must prove that they can afford mortgage payments at a higher interest rate than their actual rate before they get mortgage approval. These changes were deemed necessary to stabilize the housing market in the province.

Fall in housing demand

Housing starts rose between 2013 and 2017, but began to fall from 2018. This trend mirrors the fall in house prices and implies that demand has reduced since the aforementioned policies and changes were introduced.

Median house prices in British Columbia from 2018 to 2020

Price in Canadian dollars
--
--
--
Exclusive Premium statistic

You need a Single Account for unlimited access.

  • Full access to 1m statistics

  • Incl. source references

  • Available to download in PNG, PDF, XLS format

Single Account

only $59 / month *
*Duration: 12 months, billed annually, single license

Access to this and all other statistics on 80,000 topics from

$708 / Year

Show detailed source information?
Register for free
Already a member?
Log in
Source

Release date

December 2019

Region

Canada

Survey time period

2018

Supplementary notes

*Forecast.

Statista Accounts: Access All Statistics. Starting from $708 / Year
Basic Account
Get to know the platform

You only have access to basic statistics.
This statistic is not included in your account!

Single Account
Your perfect start with Statista
  • Instant access to 1m statistics
  • Download in XLS, PDF & PNG format
  • Detailed references

$59 / Month *

Corporate Account
Full access

Corporate solution including all features.

* All products require an annual contract.
   Prices do not include sales tax.

Statistics on "Residential housing in Canada"

Statista Accounts: Access All Statistics. Starting from $708 / Year
Learn more about how Statista can support your business.