Here’s where Canada’s new condo prices fell hardest in Q3

Developer prices for newly built condominium apartments fell 0.6% nationally in Q3 2026, according to Statistics Canada’s New Condominium Apartment Price Index (NCAPI).

The decline was driven largely by softening in Toronto and Vancouver, two markets that together represent more than 80% of the nine-city composite.

Victoria recorded the steepest quarterly drop in the country at 1.8%, followed by Vancouver at 1.0% and Toronto at 0.8%.

Edmonton and Calgary also declined, by 0.7% and 0.3% respectively.

The NCAPI measures changes in developers’ selling prices for comparable units in newly built apartment-style condominiums; it does not capture resale prices or movements in the average sale price.

The release arrives as Canada’s mortgage brokers continue working through a condo correction that few believe has fully run its course.

Dan Eisner, founder and chief executive of True North Mortgage in Canada, previously told Canadian Mortgage Professional that nothing yet suggests a turning point is at hand.

“I don’t see a bottom yet,” Eisner said.

“If the Canadian government came out and said, ‘We’re increasing immigration back to the levels seen under [former Prime Minister] Trudeau,’ then I would say, ‘OK, we’re going to see a bottom.’ But I don’t see that.”

New Condominium Apartment Price Index, Q3 2026 — Statistics Canada

Victoria and Vancouver drive western weakness

Canada’s west coast condo markets have emerged as the weakest in the country for developer pricing.

Victoria’s 1.8% quarterly fall led all nine cities tracked by Statistics Canada, while Vancouver – a dominant force in the national composite – fell 1.0%.

For brokers navigating the ongoing correction in Toronto’s new condo prices and sales activity, the gap between original purchase prices and current appraised values has become a defining challenge.

Eisner explained the bind facing owners who are underwater on their mortgages.

“Now for a lot of people, especially condo owners who are underwater in their mortgage, option one is off the table,” he told CMP.

“Because if they sell, they don’t get their money back. And then they still owe money on the mortgage afterwards which means that the lender won’t release title.”

Shaun Hildebrand of Urbanation says bulk purchases and investment groups helped drive a second consecutive quarterly increase in GTHA new condo sales, while concerns continue to grow over a shrinking development pipeline and future housing supply shortages https://t.co/SjEeyvaIV4

— Canadian Mortgage Professional Magazine (@CMPmagazine) October 22, 2026

Ottawa and Montreal offer rare bright spots

Ottawa was the strongest market in the nine-city index during Q3 2026, posting a 1.6% gain.

Montreal added 0.7%, while Halifax and Quebec City were unchanged.

The regional divergence is consistent with what the Bank of Canada identified as an inventory overhang of small condominiums restraining new construction across the country’s major centres.

For Taz Zaide of 6ix Mortgage Group in Ontario, the Q3 2026 numbers echo what he is already seeing on the ground. He previously shared with CMP that appraisal shortfalls continue to steer clients away from condo transactions entirely.

“Especially on the appraisal front, we’re finding that people are still bleeding on that end. So we don’t think the condo market will be reversing anytime soon,” Zaide said.

“And we haven’t seen that many people buying condos as of late. It looks like people are trying to steer away from them, knowing this as well. Most of our transactions have been anything but a condo.”

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