RE/MAX’s 2022 Canadian Condominium Report examined more than 120 communities in six major markets, including Greater Vancouver/Fraser Valley, Calgary, Edmonton, Greater Toronto, Ottawa and Nova Scotia. The report found that condominium sales were down in the first eight months of 2022 in four markets, including Greater Vancouver/Fraser Valley, Greater Toronto, Ottawa and Nova Scotia, while Calgary and Edmonton reported double-digit sales increases over the same period in 2021. Condo values are up in almost all markets year-over-year, with many bolstered by a robust strong first quarter.

Key Findings

  • Buyers from British Columbia and Ontario continue to be active in Alberta’s condominium market.
  • The lion’s share of condominium activity is occurring at lower price points. In Toronto, for example, the bulk of condominium apartment sales now hovers in the $500,000–$700,000 range, down from $600,000–$800,000 earlier in the year.
  • Condominium markets are losing inventory to an attractive rental market, as would-be sellers simply opt to lease their units long-term.
  • Competing offers are still occurring in areas such as Halifax-Dartmouth, although not at the same pace as earlier in the year.

Social Shareables

Download these assets and share on your social channels to help keep your clients informed.