Updated August 2, 2026 at 7:30 a.m. Pacific time. Prices, rates and project terms change; confirm any transaction against current official information, contracts and professional advice. New condominium apartment prices moved lower in Canada during the second quarter, but the national headline does not describe every market. Statistics Canada’s latest index fell 0.7% from the first quarter across nine census metropolitan areas. Vancouver posted the largest decline, down 2.6%, while Toronto was unchanged.
My first question on seeing the table was not which city has the cheapest condo, but what the index actually measures. It follows developer selling prices for newly built, apartment-style condominium units. Prices are standardized by square footage and adjusted for quality differences such as floor level, view and parking so that comparable products can be tracked from one quarter to the next. It excludes resale condos and is not a ranking of average transaction prices or advertised project prices.
| Market | Q2 2026 index | Quarterly change |
|---|---|---|
| Nine-market composite | 121.5 | -0.7% |
| Halifax | 120.7 | -0.1% |
| Montréal | 133.5 | -0.5% |
| Québec City | 107.3 | 0.0% |
| Ottawa–Gatineau, Ontario part | 141.6 | -0.3% |
| Toronto | 128.6 | 0.0% |
| Calgary | 106.1 | -1.1% |
| Edmonton | 109.1 | -1.0% |
| Vancouver | 110.7 | -2.6% |
| Victoria | 136.4 | -0.7% |
The city split says more than the 0.7% composite. Vancouver had the sharpest quarterly move. Calgary fell 1.1% and Edmonton 1.0%, while Victoria matched the composite at -0.7%. Montréal, the Ontario portion of Ottawa–Gatineau and Halifax recorded smaller declines. Québec City and Toronto were flat. Because the series is indexed to 2017=100, the level for one city should not be read as a direct dollar comparison with another. Unit size, location, project mix and current selling prices are still needed for an affordability comparison.
The direction is consistent with CMHC’s cautious 2026 view of parts of the new-housing market, but the two sources answer different questions. CMHC discusses demand, starts and the broader housing environment. The Statistics Canada release measures changes in developer selling prices. A flat Toronto index does not mean pre-construction sales, starts or resale condos were equally stable. Vancouver’s 2.6% decline does not mean every neighbourhood and unit type received the same discount.
For a buyer, this index works better as a market thermometer than as an offer formula. The Financial Consumer Agency of Canada says upfront or closing costs commonly amount to 1.5% to 4% of the purchase price, including items such as legal fees, inspection costs, tax adjustments and title insurance. CMHC’s condo guidance also points to monthly fees, property tax, insurance, utilities, parking and reserve-fund exposure. New projects can add upgrade charges, development costs, occupancy fees and warranty differences. A falling price index does not automatically offset those ownership costs.
If you are weighing renting against buying, compare this release with our guide to Canada’s rent trend. For banking, insurance, housing and settlement basics, the Canada Life hub is the better starting point. This is an explanation of public statistics, so no affiliate link has been inserted.
The data come from Statistics Canada’s July 31 release, with the definition and quality adjustment checked against its technical guide. Broader context comes from CMHC’s 2026 Housing Market Outlook. Buyer-cost context was cross-checked against FCAC’s home-buying guidance and CMHC’s condominium buyer’s guide.
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