In 2013, The Growth In Selling Prices Of New Apartment …

This morning, Statistics Canada released the fourth quarter figures for the Apartment Building Construction Price Index (ABCPI), which tracks changes in contractors selling prices of new apartment buildings.

This not seasonally adjusted index remained unchanged from the third quarter at 146.0, and is up 1.0 percent year-over-year.

The ABCPI measures price fluctuations in seven major Canadian metropolitan areas (Halifax, Montreal, Ottawa-Gatineau, Toronto, Calgary, Edmonton, and Vancouver), and is weighted by relative importance.

Toronto, Montreal, and Vancouver comprise over 85 percent of the index.

Annual price appreciation was muted throughout 2013, keeping pace with the rate of inflation:

Heres how the results stacked up by metropolitan area:

As you can see, the only cities that saw year-over-year price growth that exceeded the national average were the ones west of Toronto, with Vancouver outperforming all other metros by a fairly wide margin.

Though an immense amount of high-rises are under construction, multi-family home values seeing far less of an increase in value than single-family homes across the country.

Such results reinforce the notion that the Canadian housing markets heyday has come and gone, and that real estate is in store for a cooling period though not a U.S.-style crash.

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In 2013, The Growth In Selling Prices Of New Apartment ...