Statistics on The Canadian Condo Real Estate Market

As the Canadian real estate market continues to grow, the number of people looking into purchasing condos as their next home continues to increase. A condo can be a great option whether you’re a first-time homebuyer or looking to downsize. However, before investing in the market, it would be helpful to learn everything about the stats of the Condo real estate housing market in Canada.

Condo real estate offers several of the same benefits as traditional home ownership but with some added perks at a reduced price. For one, condos are often more affordable than detached homes, making them a great option for first-time buyers or those on a tight budget. Additionally, condos tend to be located in prime city locations, meaning you can enjoy all the benefits of urban living without the hassle of maintaining a large property. When considering entering the condo market, it’s important to research and understand the current market conditions.

To help you, we’ve compiled a detailed list and guide of the condo real estate housing market stats (for sale) in Canada.

Condo Real Estate Market

Condo Real Estate Market

Canada offers a land of opportunity for real estate investors. Canada’s Condo real estate housing market is booming, with sales reaching an all-time high recently. The prices have increased by double digits in some of the country’s biggest cities, such as Toronto and Vancouver.

The condo real estate market is one of the fastest-growing markets in Canada. According to the latest stats, the average Canadian house price has increased by 8.5% in the last year alone. The condo market is also outpacing the growth of both single-family homes and Townhomes.

Several factors, including low-interest rates, a growing population, and increased immigration, drive this growth. The demand for condos is also high because they offer a more affordable option for first-time homebuyers and young families.

Here are some things you should know about the current state of the Canadian condo market :

    • The demand for condos is high, so prices will likely continue rising.
    • There’s a wide variety of condos available on the market, so you’re sure to find one that meets your needs and budget.
    • Condos offer many benefits, including low maintenance costs and amenities like swimming pools and fitness centres.
    • Mortgage rates are still low, making it an affordable time to buy a condo.

If you’re thinking of buying a condo, or are simply curious about the state of the market, then read on for some important facts and figures. The following table provides a comprehensive guide to the condo real estate housing market in Canada by province.

Condominium Sales, Average Price & Market Share By Major Centre 

(January 1 to August 31)

Market 2022 YTD

Sales

2021 YTD

Sales

% +/- 2022 Avg.

Price

2021 Avg.

Price

% +/- % of Total

Sales in 2022

% of Total Sales

in 2021

Greater

Vancouver (for August)

12,159 15,060 -19.3 % $793,466 $740,221 7.2 % 54.3 % 48.2 %
Fraser Valley 3,813 5,096 -25.2 % $583,316 $462,947 26.0 % 31.9 % 25.3 %
City of Calgary 4,576 2,778 64.7 % $279,306 $263,502 6.0 % 19.8 % 14.2 %
City of

Edmonton

4,936 4,019 22.8 % $234,239 $233,686 0.2 % 26.0 % 22.6 %
Greater Toronto

Area

20,948 30,383 -31.1 % $796,457 $688,137 15.7 % 36.3 % 34.5 %
Ottawa 2,969 3,577 -17.0 % $457,771 $420,651 8.8 % 25.1 % 24.3 %
Nova Scotia 545 839 -35.0 % $462,173 $381,957 21.0 % 5.8 % NA

With interest rates remaining low and demand for condos continuing to rise, now is a great time to invest in the Canadian condo market.

Lease Stats of The Condo Housing Market

The condo housing market has seen significant growth in recent years, with more and more people choosing to live in this type of housing. Here are some condo lease stats in Canada on the condo real estate housing market in Canada:

    • The average monthly rent for condo lease stats in Canada is $2,364.
    • The vacancy rate for condos is 2.6%.
    • An estimated 486,000 condo units are currently being leased out in Canada.
    • 63% of all new homes constructed in Canada are now condos.
    • Condo prices have increased by an average of 11.7% per year over the past decade.

Sale Stats of Condo Housing Market

Sale Stats of Condo Housing Market

The condo real estate market has been rising recently, with sales increasing and prices reaching new highs. In fact, according to the latest data from the Canadian Real Estate Association (CREA), the nationwide non-seasonally adjusted average house price of $640,479 in September 2022 decreased by 6.6% from the previous year.

What’s driving this growth? Low-interest rates and a strong economy are two significant factors. Additionally, with more people moving to urban areas, there’s a greater demand for condo living.

If you’re considering buying a condo, it’s important to know the current market trends. Here’s a look at some key statistics on condo sale stats in Canada and the prices:

    • Average Sale Price : $490,495 (up 10.7% from 2016)
    • Number of Sales : 536,118 (up 6.3% from 2016)
    • Sales Volume : $213 billion (up 1.9% from 2016)

These numbers show that the condo market is healthy and growing nationwide. So if you’re considering buying a condo, now is a good time. Condo sale stats in Canada and prices are expected to continue rising in the coming years, so you’ll likely see a good return on your investment down the road.

Average Price For a Home By Property Type

Average Price For a Home By Property Type

The condo real estate housing market in Canada has continued to rise. Large Canadian cities have a substantially higher cost of living than their more rural and suburban counterparts. The Greater Vancouver region of British Columbia may have Canada’s mildest climate. Therefore, the real estate prices in this area are also among the highest in the country. Detached homes are generally the most expensive, followed by semi-detached homes, townhouses, and condos.

Canada has many different housing types, from single-family homes to apartments and condos. The average Canadian house price varies depending on the type of property. 

Check out the table below for more details:

City DistrictAvg. Home Cost Yearly Change
Vancouver, BC $1,036,000 + 2.63 %
Toronto, Ont $870,000 +10.2 %
Ottawa, Ont $479,000 + 15.4 %
Calgary, Alb $410,000 – 1.5 %
Montreal, Que $435,000 + 9.3 %
Halifax, NS $331,000 + 3.6 %
Regina, Sask $254,000 – 3.9 %
Fredericton, NB $198,000 NA

The Final Word

The condo real estate market in Canada has been booming in recent years. Sale prices have been rising, and the number of units sold has also increased. Several factors have contributed to this trend. One is the low-interest rate environment we’ve been experiencing for several years. This has made it easier for people to get mortgages and buy condos. Another factor is the increasing population of young adults in Canada. Many of these young adults are looking for places to live that are close to urban centres and offer an active lifestyle. Condos fit this bill perfectly; as a result, we’re seeing an increasing number of young adults buying condos.

The condo real estate market shows no signs of slowing down anytime soon. With prices on the rise and demand remaining high, now is a great time to invest in condo real estate. If you’re considering buying a condo, consult a real estate professional to get the best, most up-to-date market information and learn all your options.

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Frequently Asked Question (FAQs)

Is it a good time to buy a condo in Canada?

Canada's condo real estate market has been on the rise recently. According to the latest statistics, the average house price drop forecast for the next year is 7.8%, much higher than the 2.2% drop forecasted 4 months earlier. Thus, it is a good time to buy a condo in Canada.

Where is the hottest housing market in Canada?

According to their findings, the most lucrative marketplaces were located in the central regions of Vancouver West and West Vancouver/Howe Sound.

Will property prices fall in 2022 in Canada?

The national cost of housing in Canada rose by 3.3% from the previous year to $746,000 in September 2022, but it fell by 1.9% from the last month. If this trajectory in the average house price persists, we might expect to see annualised declines in the next quarter.

Are condos a good investment in 2022?

Condominiums are a great place to start if you're looking to begin investing in the real estate market. Compared to single-family homes, condos provide better financial returns due to their various advantages, including their smaller size and lower operating costs.

Is the Canadian housing market cooling?

Several Canadian real estate sectors have slowed due to the central bank's decision to increase lending rates to curb rising prices. However, house prices nationally are still much higher than they were last year.

What is the lifespan of a condo?

The lifespan of a condo is the length of time a condominium complex will be economically viable. A condominium complex is typically built with a 50-year economic lifespan in mind.

How long does a condo last in Canada?

The average condo in Canada lasts 15-18 years (with yearly maintenance). However, this number will differ depending on the location of the condo.