That brought the New Condominium Apartment Price Index to 127.2 (2017=100), down from 127.4 in the first quarter.
While the national average edged down, market performance differed by region.
Montreal led price growth among major metro areas with a 2.9% quarterly gain, followed closely by Quebec City (+2.8%), Edmonton (+2.4%) and Victoria (+2.2%). Ottawa and Toronto posted marginal increases of 0.1%.
Meanwhile, western markets weighed on the national figure. Prices fell in Vancouver (-2.4%) and Calgary (-2.0%), while Halifax also saw a slight decline (-0.2%).
The index reflects the prices builders set for new condo units at the time of initial sale. While it isn’t adjusted for seasonality, it captures shifts in market demand as well as construction and input costs.
Growth trend flattens
The national condo price index has climbed nearly 18% over the past five years, rising from 108.3 in Q2 2019 to 127.2 in Q2 2025.
That pace of growth, however, has gradually tapered in recent years. Annual price gains—once exceeding 10% during the early pandemic—have since eased, with the latest year-over-year increase landing at just 0.6%.
While the national average has grown 18% since mid-2019, some cities have far outpaced it. Montreal’s index jumped 27% over the period, followed closely by Victoria and Toronto at 26% and 24%, respectively.
By contrast, Calgary saw a more modest 16% increase, and Quebec City trailed with just 9% growth.
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Last modified: July 31, 2025