The fourth quarter of 2019 saw a 0.6% increase in nationwide according to a new report.
Statistics Canada’s latest reading of home price trends also reveals that the rise in prices was driven by a 0.9% increase for resales which partially offset a 0.2% decrease for new home prices.
Both condo apartments and houses gained 0.5% across the 6 provinces covered by the report.
For 2019 as a whole, prices were up 1.6%, gaining from the 1.1% full-year rise for 2018.
Ottawa (+2.3%) reported the largest increase in residential property prices in the fourth quarter, led by the new (+3.6%) and resale (+3.3%) condominium apartment markets.
Regional markets
In Toronto, resale condo apartments saw a 1.5% increase in the fourth quarter compared to the previous quarter while new condo apartment prices were down 1.5% (the second consecutive quarterly decline) and were down 3.1% overall in 2019.
For houses in Toronto, prices were up 0.7% in the resale market and the combined rise for condos and houses was 0.4% quarter-over-quarter.
Vancouver rebounded from 5 consecutive quarters of declining prices to post a 0.2% gain month-over-month.
This was driven by resale condominium apartments (+1.1%) and resale houses (+0.6%) while prices for new condominium apartments (-0.8%) and new houses (-0.9%) continued to decline.
Overall in 2019, Vancouver prices were down 2.1% year-over-year.
Oversupply in Calgary meant a decline of 0.2% for home prices in the fourth quarter; New condo apartment prices were down 3.0% quarter-over-quarter and 6.3% for the whole year.
Resale condo apartment prices in Calgary declined by 0.8% in the fourth quarter, following a 2.0% increase in the third quarter.
Montréal prices were up 1.0% with new houses leading the gains with a 2.5% increase. The whole year gain overall was 6.1% as limited supply and labour shortages impacted.
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
