Growth in the price of new condos eased in the first quarter of 2019 as continued strength in Vancouver and Ottawa was offset by weaker growth in Toronto and Victoria.
Statistics Canada’s Experimental Condominium Apartment Index gained 0.7% in Q1 2019 compared to 2.3% in the previous quarter. The index measures changes over time in the contractors' selling prices of units in new condominium apartment buildings in six CMAs.
Although prices did rise in Toronto and Victoria, the pace was slower than in the fourth quarter of 2018 at 1.1% and 0.5% respectively. This marked the slowest pace of growth in Toronto since Q2 2018 and for Ottawa since the index began in 2017.
Meanwhile, Vancouver saw a 2.5% rise, the third consecutive quarterly gain; and Ottawa posted a 2.4% increase after decreasing 1.5% in the previous quarter.
The 6-CMA composite index gained 5.5% over the 12-month period ending in the first quarter, primarily driven by Vancouver (+9.0%) and Toronto (+5.2%). The composite index has risen for five consecutive quarters year over year.
There were declines for Calgary (-15.8%) and Montreal (-5.5%). Montreal saw the largest decline since the index began in 2017.
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