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August 11, 2022NEW CONDOMINIUM PRICE INDEX, Q2 2022 In May 2022, Statistics Canada started publishing data for New Condominium Apartment Price Index (NCAPI) with data available from Q1 2017. The NCAPI was published as a component of the Residential Property Price Index (RPPI) and covered only six census metropolitan areas (CMAs): Calgary, Montréal, Ottawa, Toronto, Vancouver, and Victoria until February 2022. The RPPI was terminated with the release of the fourth quarter of 2021 data.
Q1 2022 release marked the first publication of new condominium apartment price indexes for Edmonton, Halifax and Québec City, in addition to the six CMAs already published. The nine CMAs accounted for 88.6% of absorbed units in new condominium apartment buildings in 2021.
In Halifax, prices for new condominium apartments were unchanged from the previous quarter in Q2 2022. This followed a 2.5% quarter-over-quarter decline registered in Q1 2022.
In Q2 2022, prices for new condominium apartments for the nine CMA composite increased by 0.2% compared with the first quarter of 2022. Out of the nine CMAs, prices increased in three, decreased in four and were unchanged in two.
In Halifax, prices for new condo apartments have been on an upward trend since the third quarter of 2019 but started showing signs of slowdown in Q4 2021.
New condo apartments' prices in Halifax declined 3.1% in the second quarter of 2022 when compared to the same period last year. This was the first year-over-year decline in Halifax since Q4 2019.
Nationally, new condo apartments' prices rose 5.4% year over year in the second quarter of 2022, mostly driven by price acceleration in Vancouver (+10.8%).
On a year-over-year basis, prices declined in Quebec (-7.7%), Montreal (-1.7%) and Halifax in the second quarter of 2022.
Source: Statistics Canada. Table 18-10-0273-01 New condominium apartment price indexes, by census metropolitan area
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