Statistics Canada reported on November 3, 2026 that developers' selling prices for new condominium apartments fell 0.6% in the third quarter of 2026 compared with the second quarter, according to the New Condominium Apartment Price Index (NCAPI). The composite of nine census metropolitan areas stood at 120.8 (2017=100). Prices fell in five of the nine cities, were unchanged in two and rose in two.
- Nine-city composite: 120.8, down 0.6% from the second quarter of 2026 (not seasonally adjusted).
- Largest quarterly declines: Victoria (-1.8%), Vancouver (-1.0%), Toronto (-0.8%), Edmonton (-0.7%).
- Increases: Ottawa (Ontario part, +1.6%) and Montréal (+0.7%). Halifax and Québec were unchanged.
- Compared with the third quarter of 2025, the composite is about 2.5% lower (calculated from the index values in table 18-10-0273-01).
What the index measures
The NCAPI tracks the prices developers charge for newly built apartment-style condominium units with comparable specifications from one quarter to the next. Prices are standardized per square foot and adjusted for quality, so the index shows price change for a similar unit rather than the average price of whatever sold. It covers nine cities only, is not seasonally adjusted and can be revised for one quarter after release. It does not measure resale condo prices.
City-by-city picture
Year over year, using the index levels for the third quarter of 2025 and 2026, Vancouver new condo prices are about 4.3% lower, Victoria about 3.8% lower and Toronto about 2.7% lower. Calgary (-1.6%), Ottawa (-1.2%), Edmonton (-0.6%) and Halifax (-0.1%) are also slightly lower. Québec (+2.5%) and Montréal (+1.5%) are the two cities where new condo prices are higher than a year earlier. These annual changes are calculated from published index values, not stated in the release.
Our interpretation: the softest pricing remains in the large British Columbia and Ontario condo markets, while Quebec's two largest cities continue to edge up. A falling index means developers are lowering list prices on comparable units; it does not show incentives such as free parking or deposit changes unless they affect the selling price.
Who is affected
- Pre-construction buyers who signed at earlier prices: if comparable new units now sell for less, the appraised value at closing could come in below the contract price, leaving a gap the buyer must cover with cash.
- Buyers shopping now in Vancouver, Victoria or Toronto may find more room to negotiate on new inventory.
- Investors relying on resale or assignment gains face lower comparable prices in the markets where the index has fallen most.
What to check next
If a pre-construction closing is coming up, ask your lender how the property will be valued and whether your approval depends on the appraisal meeting the purchase price. A local condo appraiser can explain how comparable sales are chosen, and the closing costs calculator can help you plan how much cash to hold back. Our condo buyer document checklist covers the paperwork to review before you commit.
Sources
- Statistics Canada (The Daily), New Condominium Apartment Price Index, third quarter 2026, 2026-11-03. Accessed 2026-11-04.
- Statistics Canada, Table 18-10-0273-01 New condominium apartment price index, quarterly, 2026-11-03. Accessed 2026-11-04.
- Statistics Canada (The Daily), New Condominium Apartment Price Index, third quarter 2025, 2025-11-03. Accessed 2026-11-04.
General information only, not financial advice. Index figures are from Statistics Canada and may be revised.
