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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

December 09, 2024
CANADIAN HOUSING STATISTICS PROGRAM, 2022

Today, the Canadian Housing Statistics Program is releasing new data on residential properties and property owners for the 2022 reference year in select provinces. The data covers a range of topics and includes detailed information on property characteristics such as legal ownership, purchase prices and assessed value.

The number of properties owned by businesses or governments was up in most provinces in 2022 compared with 2021, led by Ontario (+2.6%). Properties owned by businesses or governments declined in Prince Edward Island (-9.4%) and Nova Scotia (-0.6%).

When separating business and government property ownership in 2022, government ownership was down in every province reporting data except Ontario and British Columbia, which both saw a 0.1% gain. Government property ownership was down the most in Prince Edward Island (-16.7%). Business and Other ownership was up in most provinces, led by Ontario (+3.2%). Prince Edward Island saw the largest decline in business ownership (-8.7%).

The Canadian Housing Statistics program also offers detailed property ownership characteristics for non-individuals. When examining the assessed value of owned properties, the largest increase observed was for sole proprietors and partnerships in Ontario, with a 63.3% increase in assessed values for properties owned in 2022. The largest decline was for other legal ownership in Alberta, with a 28.9% decline. At the province level, Prince Edward Island saw the largest increase in assessed values for non-individuals at 17.4%, while Ontario and Manitoba had no change. No province reported an overall decline in assessed values in 2022.

When focusing on residential properties, non-individual property ownership was up in every province except Prince Edward Island. Ontario saw the largest increase in non-individual residential property ownership at 5.9%. Government ownership of residential properties was up the most in Nova Scotia with an 8.9% increase, while the largest decline was reported in Manitoba (-5.0%). Business ownership of residential properties increased the most in Ontario (+6.0%), while Prince Edward Island saw the largest decline (-9.9%).

Purchase prices for individual owners increased in all provinces reporting data in 2022, led by Nova Scotia (+21.7%). Manitoba saw the smallest increase in individual property prices at 7.1%. The prices paid by businesses and governments was down in every province except British Columbia, which saw prices increase by 18.7%. Nova Scotia saw the largest decline in prices paid by businesses and governments at -34.0%.

When examining the ratio of average purchase prices to property value assessments, individuals paid a higher price relative to assessed value in every province except British Columbia in 2022 compared to 2021. Individuals paid the highest premium in New Brunswick, with purchase prices averaging 117.0% of assessed values. The only discount was in British Columbia, where individuals paid 69.6% of assessed value on average. Businesses typically received a steeper discount relative to assessed value in 2022 compared with 2021, with every province except British Columbia reporting a decline in price to assessment ratios for businesses. Manitoba had the steepest discount relative to assessed values, with purchase prices averaging 11.7% of assessed values for businesses.

Source: Canadian Housing Statistics Program, 2022



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