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Canada  + Alberta & Prairies  + Maritimes  + Ontario  + Pacific Canada  + Multi-residential Housing  | 
Canadian condo prices are on the rise, says a new Royal LePage report.

Canadian Condo Prices Rise 4%

Canadian condo prices are on the rise, says a new Royal LePage report.

The median price of a condo rose 4.4% year-over-year to $583,900 in the fourth quarter of 2023, states the report released Monday. By comparison, the median price of a single-family home increased 4.4% year-over-year to $816,100.

“I believe the narrative suggesting that the housing market will rebound only when the Bank of Canada lowers [interest] rates misses the mark,” said Phil Soper, president and CEO of Toronto-based Royal LePage, in an accompanying news release.

“The recovery will begin when consumers have confidence the home they buy today will not be worth less tomorrow. We see that tipping point occurring in the first quarter, before the highly anticipated easing of the Bank of Canada’s key lending rate.”

Calgary experienced a whopping 11.4% median condo-price increase and a 9.8% rise in the median price of a single-family home.

Toronto (5.4%), Halifax (4.6%) and Vancouver (4.2%) also posted median condo-price increases above the national mark.

Image: GlenHill Condominiums project under development in Toronto/Lanterra Developments

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Inside The Story

Phil SoperRoyal LePage

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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