Canada’s condo market has been making headlines in recent months. While we don’t track the resale market of existing condos, we do measure changes over time in developers’ selling prices of units of new condominium apartment buildings through our quarterly New Condominium Apartment Price Index. The most recent data show that new condo prices were at or near record highs in the second quarter of 2025 in Montréal, Ottawa and Edmonton, while in Toronto, Vancouver and Victoria, prices remained below the record highs of 2022.
New condominium apartment prices edge down in the second quarter at the national level
Among the nine census metropolitan areas (CMAs) covered by the survey, prices for new condominium apartments edged down 0.2% in the second quarter of 2025 compared with the previous quarter, but they were 0.6% higher compared with the same quarter of 2024.
While new condo apartment prices nationally were down 1.1% from the record high set in the second quarter of 2022, prices in the second quarter of 2025 were one-third (+33.3%) higher than the beginning of the data series in the first quarter of 2017.
Location, location, location
Any realtor will tell you that location is an important factor when buying a home, and that is especially true when it comes to buying a new condominium apartment today. In some markets, prices were down from record highs, while in others, they reached new peaks. Looking at CMAs individually provides a clearer picture of the condo apartment market in your area.
Quebec: New condo apartment prices in Montréal are rising at the fastest year-over-year pace nationally
New condo apartment prices in Montréal grew at the fastest pace nationally, rising by 11.4% year over year in the second quarter of 2025.
New condominium apartment prices in Montréal were over one-third (+35.7%) higher in the second quarter compared with the beginning of the time series in the first quarter of 2017.
Ontario: New condo apartment prices in Ottawa are growing at a much faster year-over-year pace than in Toronto
While new condo apartment prices in Ottawa stood at a record high in the second quarter of 2025, prices in Toronto were 2.4% below the 2022 peak.
During the second quarter of 2025, new condo apartment prices in Ottawa were up 2.2% year over year and were 44.3% higher compared with the first quarter of 2017.
In Toronto, new condo apartment prices in the second quarter of 2025 were up 0.9% year over year and were 40.6% higher compared with the beginning of the time series in the first quarter of 2017.
Alberta: New condo apartment prices in Edmonton continue to bounce back
New condo apartment prices in Calgary and Edmonton, Alberta’s two largest CMAs, trended downward from 2017 until mid-2021 but have been growing steadily ever since then. In the second quarter of 2025, prices in both CMAs were at or near record highs.
In Calgary, new condo apartment prices edged down 0.1% year over year in the second quarter but were 37.9% higher than the record-low prices set in the third quarter of 2020. Since the first quarter of 2017, new condo apartment prices in Calgary have risen by 5.9%.
In Edmonton, new condo apartment prices were up 4.7% year over year in the second quarter of 2025 and were more than one-quarter (+28.1%) higher than the low set during the first quarter of 2022. Since the first quarter of 2017, new condo apartment prices have risen by 9.2%.
British Columbia: New condo apartment prices in Victoria have risen at a much faster pace than in Vancouver since 2017
New condo apartment prices in Vancouver were down 4.2% year over year in the second quarter of 2025, while in Victoria, prices were up 4.1%. Nevertheless, new condo prices in both CMAs remained below the peaks reached in the second quarter of 2022, with prices in Vancouver down 7.7%, while in Victoria, prices were down 3.2%.
Since the first quarter of 2017, new condo apartment prices in Vancouver rose by 25.0% in the second quarter of 2025, while in Victoria, prices rose by 47.6%.
A few things to consider when looking at the New Condominium Apartment Price Index
Given the recent marked slowdown in condo sales generally, fewer new condominium apartments are being constructed or put on the market, especially in some of the smaller census metropolitan areas (CMAs) covered by the survey. Some developers are also choosing to rent rather than sell existing units. As a result, caution should be used when interpreting data for the CMAs of Halifax and Québec.
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