Location is an important factor when buying a new condo unit. The most recent data from Statistics Canada reveals that developers’ selling 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.
At a national level, among the nine census metropolitan areas covered by the survey, prices for new condo apartments edged down 0.2 per cent in this year’s Q2 compared with the previous quarter, but they were 0.6 per cent higher compared with the same quarter of 2024.
While these prices nationally were down 1.1 per cent from the record high set in Q2 2022, prices in Q2 2025 were one-third (+33.3 per cent) higher than the beginning of the data series in the first quarter of 2017.
When looking at the quarterly New Condominium Apartment Price Index, it is important to consider that given the recent marked slowdown in condo sales generally, fewer new condos 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.
Ontario
New condo apartment prices in Ottawa are growing at a much faster year-over-year pace than in Toronto, standing at a record high in Q2 2025 while prices in Toronto were 2.4 per cent below the 2022 peak.
New condo apartment prices in Ottawa were up 2.2 per cent year over year and were 44.3 per cent higher compared with Q1 2017. In Toronto, they were up 0.9 per cent year-over-year and were 40.6 per cent higher compared with the beginning of the time series in Q1 2017.
Alberta
New condo apartment prices in Edmonton continue to bounce back. In both Calgary and Edmonton they trended downward from 2017 until mid-2021 but have been growing steadily ever since then. In Q2 2025, prices in both CMAs were at or near record highs.
In Calgary, prices edged down 0.1 per cent year-over-year in the second quarter but were 37.9 per cent higher than the record-low prices set in Q3 2020. Since the first quarter of 2017, new condo apartment prices in Calgary have risen by 5.9 per cent.
In Edmonton, new condo prices were up 4.7 per cent year-over-year in Q2 2025 and were more than one-quarter (+28.1 per cent) higher than the low set during the first quarter of 2022. Since the first quarter of 2017, new condo prices have risen by 9.2 per cent.
British Columbia
Since 2017, Victoria has seen rising prices at a much faster pace than in Vancouver, where
new condo prices were down 4.2 per cent year-over-year in the second quarter of 2025, compared to Victoria where prices were up 4.1 per cent. Nevertheless, new condo prices in both CMAs remained below the peaks reached in Q2 2022, with prices in Vancouver down 7.7 per cent, while in Victoria, prices were down 3.2 per cent.
Since the first quarter of 2017, new condo apartment prices in Vancouver rose by 25.0 per cent in Q2 2025, while in Victoria, prices rose by 47.6 per cent.
