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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

May 02, 2024

Statistics Canada's New Condominium Apartment Price Index reports prices for condominiums in apartment-style structures for 9 Census Metropolitan Areas (CMAs): Halifax, Montreal, Quebec City, Ottawa (Ontario part), Toronto, Calgary, Edmonton, Vancouver and Victoria.  

Compared with the average of 2017, new condominium prices in the Halifax market were 20.9% higher as of Q1 2024 - rising in the last two quarters of 2023 after remaining unchanged from the beginning of 2022 to the middle of 2023.  This was slower than the growth over this period at the national level (25.1%), but faster than markets in Quebec and Alberta as well as Vancouver.  

Compared with Q1 2023, Halifax's new condominium prices were up 0.8%.  Condo prices declined 2.3% in the 9-city composite index with the largest decline in Vancouver.  Edmonton and Calgary reported the largest gains.  

Notes: data are not seasonally adjusted.  As described by Statistics Canada, "The New Condominium Apartment Price Index (NCAPI) is a quarterly series that measures changes over time in the developers' selling prices of units in newly-built apartment-style condominiums, where detailed specifications pertaining to each unit remain comparable between two consecutive periods.  The NCAPI is computed using a unit-value approach, wherein the price of a unit is standardized by its square-footage to give a price per square foot. Quality adjustments are made prior to calculating these unit prices in order to produce a constant-quality index."

Source: Statistics Canada. Table 18-10-0273-01  New condominium apartment price indexes, by census metropolitan areaTechnical Guide for the New Condominium Apartment Price Index (NCAPI)

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