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

May 05, 2023

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 19.9% higher as of Q1 2023 - a price level that has remained unchanged for the last four quarters.  This was slower than the growth over this period at the national level (27.9%), but faster than markets in Quebec and Alberta.  

Compared with Q1 2022, Halifax's new condominium prices were unchanged.  Condo prices edged down 0.3% in the 9-city composite index with the largest decline in Victoria and the largest gains in Edmonton and Calgary.  

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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