Construction Increases but Housing Costs Remain High in B.C. June 20, 2024

Discover why housing costs in B.C. remain high despite a surge in construction activity, with insights into regional price trends and provincial efforts to boost supply.

Construction Increases, but Housing Costs Remain High

While construction activity is increasing in British Columbia, housing costs remain high, posing ongoing challenges for affordability.

Surge in Building Permits

In April 2024, the value of building permits in B.C. rose by 81.8% compared to March, significantly higher than Canada’s overall increase of 20.5%. B.C.’s building permits totaled $3.13 billion in April, up from $1.4 billion in March, resulting in 7,521 new residential units, primarily multi-residential.

Efforts to Address Housing Supply and Affordability

Despite the increase in construction, housing affordability remains a significant issue. Earlier this year, B.C. saw a net loss of people in inter-provincial migration, partially due to housing costs. While new construction aims to boost supply, the average home price in B.C. was $1,006,248 in April 2024, up 1.4% from the previous year.

Regional Housing Prices

In the Okanagan Valley, the average price was $749,445, a 0.7% increase, while the Kootenay region saw a 14.2% rise. No region in the province experienced a decline in housing prices.


Provincial measures to address housing challenges are impacting new residential construction, yet housing costs remain a concern. It will take time for increased supply to align prices more closely with household incomes.

Article Credit: Jun 18, 2024, Penticton Western News