Explore new experimental data on residential property prices
Canadians have a lot of questions about housing. How much does it cost to purchase a new condominium? How would the price compare between Vancouver and Toronto? In response to growing demand for more detailed housing data, Statistics Canada has released new data: the Experimental New Condominium Apartment Price Index (NCAPI). First released on February 15, 2019, the NCAPI opens the door to a better understanding of the factors that affect condominium prices.
The index, derived from the New Condominium Apartment Price Report data, measures changes in the selling prices of the condominiums apartment units. What do we mean by a "condominium"? The term refers to a form of ownership rather than a type of dwelling. Statistics Canada uses the Canadian Housing and Mortgage Corporation's definition of a condominium, "an individual dwelling unit which is privately owned, but where the building and/or land are collectively owned by all dwelling unit owners." The "new" refers to condominiums that are newly built (not newly owned).
Addressing housing data gaps
The NCAPI aims to close information gaps in the measurement of residential property prices, by providing information that was not previously available. By providing expanded coverage of the new housing market and more accurate and representative price indexes, Canadians will be better positioned to find the answers to their housing questions.
Location, location, location
Currently, the NCAPI includes data for six census metropolitan areas (CMAs): Montréal, Ottawa, Toronto, Calgary, Vancouver and Victoria, as well as an average of the six CMAs. These CMAs have a large enough sample size of new condominiums being built for the data to be included in the index, and account for 86.7% of newly built and sold condominiums in Canada (according to the Canadian Mortgage and Housing Corporation).
Currently, Statistics Canada is also assessing the quality of data for three additional CMAs: Halifax, Québec City and Edmonton.
Experimental data shedding light on price changes
There are many different factors that may affect the price of residential properties. For this reason, along with the small sample size of select CMAs, the data are considered experimental.
Factors such as size, amenities, location within the building, view, price premiums and discounts mean that it is difficult to define and track condominium units that share similar characteristics. At Statistics Canada, not only are we continuing to explore improvements to data collection and methodology to address these challenges, but we are collaborating with data users to determine how we can better meet their needs and address data gaps.
Have your say!
Come visit the Experimental New Condominium Apartment Price Index and use the feedback form to let us know what you think. We welcome your suggestions for improvements.
We look forward to collaborating with data users to create a more comprehensive portrait of the new residential market, and continuing to provide Canadians with the information they need.
Please note that comments are moderated. It may take some time for your comments to appear online. For more information, consult our rules of engagement.
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