Canada

Most of Canada’s Condo Markets Are Down From Peak Prices

Canada’s real estate markets have seen prices soar, but condos are getting left behind. Canadian Real Estate Association (CREA) data shows only five major markets saw condo prices hit a new peak in July. Over two-thirds of Canada’s major markets haven’t seen a peak since the beginning of the pandemic. Some markets last saw prices peak over a decade ago.

Canadian Condo Prices Drop From Peak In April

Canadian condo prices have moved a little lower than the peak, at the national level. CREA’s benchmark price for a condo apartment hit $477,900 in July, up 6.37% from the same month last year. This price is down 0.31% from the peak reached in April 2020. About two-thirds of major condo markets are now down from the peak, some hit over a decade ago.

 

Only 5 Major Markets Are At Peak Prices

Not every condo market is down from peak, about a quarter of major markets hit new highs. Ottawa, Niagara, Guelph, Montreal, and Oakville all reached new highs. Ottawa saw the biggest gain, with a typical condo priced at $369,200 in July, up 22.0% from last year. Oakville saw the “smallest” increase, where the benchmark reached $600,600, up 10.2% from last year.

Canadian Condo Benchmark Price

The benchmark price of a condo apartment for selected real estate markets.

Source: CREA, Better Dwelling.

Five Condo Markets Peaked This Year, Including Toronto

Five condo markets peaked at the onset of the pandemic. Barrie peaked in May, with prices in July down 2.53% from that peak. Hamilton (-2.27%), Toronto (-1.40%), and Victoria (-1.02%) are down from the peaks made in April. Moncton made the sharpest downturn with condo prices down 5.03% from a peak reached in May.

Canadian Condo Prices Vs Peak Price

The price of a typical condo apartment in Canada’s largest real estate markets, compared to their peak price..

Source: CREA, Better Dwelling.

BC’s largest real estate markets saw condo apartments peak in price two years ago. Greater Vancouver’s typical condo price fell to $682,500 in July, down 5.38% from the same month last year. Fraser Valley’s benchmark reached $437,300, down 6.32% from the peak. Both markets peaked in June 2018, just a month over two years.

Most Canadian Condo Markets Are Down From Peak Prices

The percent difference between the price of a typical condo in July 2020, and the all-time high.

Source: CREA, Better Dwelling.

Five Canadian real estate markets haven’t seen the condo price peak in over half a decade. Regina (-29.05%), Quebec City (-6.72%), and Calgary (-17.36%) peaked in Jul 2012, Jan 2013, and October 2014, respectively. Edmonton (-30.71%), and Saskatoon (-20.65%) peaked in Jun 2007, and Aug 2008. Despite Canadian real estate’s recent surge, some markets and segments aren’t even close to printing new highs.

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9 Comments

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  • Yvette 1 month ago

    Everyone realizing condo maintenance fees kill any profit if you actually live in the unit for a long time?

    • Rob 1 month ago

      SFH yearly maintenance avg is %1 .
      Not free, same as condo. Depends on your value of time. Working on your house not very interesting. Just my opinion.

      • Keith 1 month ago

        1% of the mortgage amount or the purchase amount?

        • Rob 1 month ago

          Purchase

          • Tom Wolfe 4 weeks ago

            It’s not fixed. And it’s optional. How many SFH defer changing windows to save cash flow. Then you can choose a handyman or Gold Plated Services. Condos pay GPS even when they hire a handyman. Condo fees are a significant monthly event. Unsustainable.

  • Han 1 month ago

    Probably best to dump condos if you can ahead of the “condo crisis” the insurance industry is preparing for anyway.

    https://www.canadianunderwriter.ca/features/condo-coverage-crisis/

    • Whiskey Foxtrot 1 month ago

      Condos aren’t even built to live in anymore. There’s projects built with STR furniture packages, and they’re optimized like hotel rooms. How much of the insurance increased risk of having rotating people coming through your building?

  • questionguy 1 month ago

    price decreases are just beginning… winter is coming

  • Old Nick 1 month ago

    BRRRR

Comments are closed.