Price trends in key Canadian housing markets, fourth quarter 2019
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Released: 2020-01-29
Prices for residential properties rose by 0.6% from the third quarter to the fourth quarter of 2019. Higher prices for resale properties (+0.9%) were partially offset by lower prices for new properties (-0.2%). Prices for condominium apartments and houses (both up 0.5%) rose at the same pace in the six census metropolitan area (CMA) composite covered by the survey.
Overall, prices for residential properties increased by 1.6% in 2019, up from the 1.1% increase in 2018.
Chart 1
Residential property price indexes, six census metropolitan area composite
Resale properties push up housing prices in Toronto
Residential property prices in Toronto rose by 0.4% from the third to the fourth quarter, led by the condominium apartment (+1.5%) and house (+0.7%) resale markets. Overall, resale property prices rose by 4.6% in 2019.
Conversely, prices for new condominium apartments declined for the second consecutive quarter, falling 1.5% in the fourth quarter and down 3.1% overall in 2019.
Chart 2
Residential property price indexes, Toronto
Among the six CMAs surveyed, Ottawa (+2.3%) reported the largest increase in residential property prices in the fourth quarter, led by the new (+3.6%) and resale (+3.3%) condominium apartment markets.
In 2019, prices in all four sectors of the Ottawa housing market rose at the fastest pace among the six CMAs surveyed, largely because of higher demand for housing over the last year.
Overall, residential prices in Ottawa rose by 9.6% in 2019, led by higher prices for new (+16.4%) and resale (+10.6%) condominium apartments.
Chart 3
Residential property price indexes, Ottawa
Residential property prices rise in Vancouver for the first time in 2019
Following five consecutive quarterly declines, residential property prices in Vancouver increased by 0.2% in the fourth quarter, driven by higher prices for resale condominium apartments (+1.1%) and resale houses (+0.6%).
Conversely, prices for new condominium apartments (-0.8%) and new houses (-0.9%) continued to decline.
Despite the uptick in the fourth quarter, residential property prices in Vancouver were down by 2.1% overall in 2019 in the wake of legislation implemented to cool the real estate market.
Chart 4
Residential property price indexes, Vancouver
Property owners in Victoria paid 2.2% more for residential properties in the fourth quarter compared with the third quarter.
Chart 5
Residential property price indexes, Victoria
Condominium apartment prices down again in Calgary
Residential property prices in Calgary fell by 0.2% in the fourth quarter, mostly because of an oversupply in the housing market over the previous year and high unemployment rates.
New condominium apartment prices were down 3.0% in the fourth quarter, continuing the downward trend observed throughout 2019. Prices for new condominium apartments fell 6.3% in 2019. Resale condominium apartment prices in Calgary declined by 0.8% in the fourth quarter, following a 2.0% increase in the third quarter.
Chart 6
Residential property price indexes, Calgary
Residential property prices continue to rise in Montréal
Montréal residential property prices were up 1.0% in the fourth quarter, marking a seventh consecutive quarterly increase. Prices for new houses posted the largest growth (+2.5%).
Overall, residential property prices increased by 6.1% in Montréal in 2019, stimulated by steady demand for housing in the CMA, coupled with limited housing supply and labour shortages.
Chart 7
Residential property price indexes, Montréal
Note to readers
The Residential Property Price Index (RPPI) measures the change over time in the selling price of residential properties. The RPPI provides a comprehensive portrait of the residential real estate market as it covers both new and resale properties, and provides a look at both house and condominium apartment markets in the CMAs of Montréal, Ottawa, Toronto, Calgary, Vancouver and Victoria, and for a six census metropolitan area composite. The RPPI is a quarterly index, starting in the first quarter of 2017.
The RPPI is subject to a one-quarter revision and is not seasonally adjusted.
Products
Statistics Canada has a new Residential Property Price Index Data Visualization Tool. This interactive dashboard provides access to current and historical data for the RPPI and its sub-components (new and resale houses and condominium apartments) for the CMAs of Montréal, Ottawa, Toronto, Calgary, Vancouver and Victoria, and for a six-CMA composite, in a dynamic and customizable format.
The infographic "A First Complete Look at Residential Property Prices," part of the series Statistics Canada – Infographics (11-627-M), includes key statistics and shows market trends in the residential real estate market.
The Residential Property Price Index (RPPI) Methodology is now available. This document provides details on the methodology used to calculate the New Housing Price Index, the New Condominium Apartment Price Index and the Resale Residential Property Price Index, and how these indexes are compiled to form the RPPI.
For more information on housing, visit the new Housing Statistics Portal.
Statistics Canada has launched the Producer Price Indexes Portal as part of a suite of portals for prices and price indexes. This web page provides Canadians with a single point of access to a variety of statistics and measures related to producer prices.
The video "Producer Price Indexes" is available on the Statistics Canada Training Institute webpage. It provides an introduction to Statistics Canada's producer price indexes—what they are, how they are made and what they are used for.
Next RPPI release
The Residential Property Price Index for the first quarter will be released on May 1.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; STATCAN.infostats-infostats.STATCAN@canada.ca) or Media Relations (613-951-4636; STATCAN.mediahotline-ligneinfomedias.STATCAN@canada.ca).
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