Canadian Condominium Report
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Resale Trends
2026 expected to be transition year as homebuyers gear up for healthier 2027
Multi-year absorption sets stage for a more balanced condominium market in late 2026 and early 2027
Despite lower pricing and greater product selection, buyer sentiment remained subdued in the Canadian condominium segment, as inventory continued to saturate major markets across Canada in 2025.
The REMAX 2025 Canadian Condominium Report analyzed trends and developments between January 1 and October 31, 2025, compared to the same period in 2024, across seven major condominium markets, including Greater Vancouver, Fraser Valley, Calgary, Edmonton, Greater Toronto Area, Ottawa and the Halifax Regional Municipality.
National Condominium Resale Trends
The report found that all markets experienced lower resale activity, with condominium values remaining relatively stable or posting modest declines. Sales were off year-ago levels in:
Calgary
Greater Toronto Area
Greater Vancouver Area
Fraser Valley
Halifax Regional Municipality
Greater Edmonton Area
Ottawa
-28.5%
-20.6%
-11.9%
-11%
-8.8%
-6.0%
-2.9%
Calgary (-28.5%),
Fraser Valley (-20.6%),
Greater Toronto Area (-11.9%)
Greater Vancouver (-11%)
Halifax (-8.8%)
Greater Edmonton Area (-6.0%)
Ottawa (-2.9%)
Greater Edmonton +6.3%
Slight Price Increase
Calgary +0.2%
Halifax +0.3%
Greater Toronto Area -5.1%
Greater Vancouver Area -5.8%
Fraser Valley -7.4%
Values softned
New Construction Condo Reset
Canada Mortgage and Housing Corporation’s (CMHC) Fall 2025 Housing Report noted condominium apartment starts have now declined across all markets except for Edmonton and Ottawa, with the steepest pullback noted in the Greater Toronto Area. A sharp reduction in investor demand earlier this year reduced project feasibility, contributing to cancellations, delays and a notable decline in new starts.
Pre-construction condominium sales have slowed considerably from peak levels in 2021-2022, when near record-low interest rates and strong rental demand fueled fervent investment activity. Persistent financing challenges, elevated construction costs, labour shortages and a widening affordability gap have further eroded achievability in 2025, particularly in Toronto and Vancouver.
“With limited buyer interest, the era of micro-apartments may be coming to an end,” says Don Kottick.
A large part of the problem in markets such as the GTA has been the growing disconnect between the product coming to market and the needs of today's buyers. In Calgary and Edmonton, for example, smaller-scale developments, including townhomes and low- to mid-rise buildings, have been better positioned to meet presale requirements and secure financing amid softening investor demand.
Neighbourhood Showing Resilience
Greater Vancouver area
& Fraser Valley
Calgary
Edmonton
Greater Toronto area
Halifax
Ottawa
Despite market headwinds, several neighbourhoods outperformed their respective markets:
Certain segments of the condominium market also showed resilience, with luxury condominium sales over $2 million in the GTA off year-ago levels by just one sale, while Calgary reported higher sales at multiple price points between $850,000 and $1.5 million.
“Condominium values have softened considerably from peak values across the board,” says Kottick. “For a financially well-prepared first-time buyer or upsizer, 2026 may present a rare opportunity to get into the market at a lower price point. We expect this window to remain open for roughly six months before inventory levels begin to tighten
Rentals Gain Ground As Buyers Remain Cautious
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With more condominium projects shifting to purpose-built rentals, vacancy rates have edged higher in several markets and rents have begun to stabilize—particularly in Halifax and Calgary, where incentives have drawn interest from would-be buyers. Lower upfront costs and reduced maintenance obligations have strengthened the rental value proposition during a period of economic uncertainty. Return-to-work mandates have also strengthened demand for rentals in certain markets, yet condo sales have been slower to respond. August 1st was one of the strongest rental days in the GTA’s downtown core as businesses implemented return-to-office mandates.
Return-to-work mandates significantly boosted rental demand in the GTA’s core. According to the Occupancy Index Report (Nov 1, 2025):
92
%
mid-week peaks in AAA and A buildings
82
%
average weekly occupancy
Investors remained sidelined throughout most of the country, still feeling the lingering burn of the post-pandemic condominium market. Yet, investment continued to pour into Edmonton, with capital from Ontario targeting apartment buildings with 10 to 20 units—many originally constructed as rentals before being converted to condominiums roughly a decade ago. Today’s investors are strategically repositioning these older assets, often restoring them to rental stock to capitalize on favourable returns.
INVESTORS LARGELY SIDELINED — WITH EDMONTON AS THE EXCEPTION
“Conditions remain outside the norm in many condominium markets across the country,” says Kottick. “The segment is, in large part, competing against itself, while struggling to surmount formidable barriers. Listing inventory is up and at record or near-record highs in all markets examined. Purchasers realize that they have the luxury of time and are unlikely to make their moves as long as they feel prices may fall further or hold steady.”
Long-term fundamentals remain intact
Canada’s condominium market is not unlike other segments of real estate, subject to cyclical peaks and valleys. Over the past decade, growth in the condominium sector has been strong, especially in the country’s largest markets—Greater Vancouver and the Greater Toronto Area. Bolstered by affordability compared to low-rise offerings such as townhomes, semi-detached and single detached homes, as well as significant urbanization and strong population growth, condominiums will remain the first step to homeownership.
read full halifax overview
Condominium sales declined in 2025 as rental incentives drew would-be buyers toward leasing.
Average condominium prices edged slightly higher despite softer sales activity.
New condominium supply remains challenged by higher pricing relative to existing housing options.
Developers are increasingly shifting planned condominium projects to purpose-built rentals.
Gradually improving economic conditions and lower borrowing costs are expected to support activity in 2026.
halifax
read full ottawa overview
Condominium sales and prices remained relatively stable in 2025, reflecting steady market conditions.
Buyer activity gradually improved following recent overnight rate cuts.
New-build supply has increased competition, particularly between older and newer condominium product.
Condominium townhomes gained market share as buyers sought more space and affordability.
Increased absorption and improving sentiment are expected to support more balanced conditions in 2026.
ottawa
read full gta overview
Supply continued to outpace demand in 2025, placing downward pressure on sales and prices.
Resale activity remained well below peak levels, with sales down nearly 12% year-over-year.
Inventory levels remain elevated, with absorption expected to improve closer to mid-2026.
Select neighbourhoods outperformed the broader market despite overall softness.
Economic uncertainty and affordability pressures are expected to weigh on early 2026 activity.
greater toronto area
read full calgary overview
Condominium sales slowed in the second half of 2025 amid rising inventory and an investor pullback.
Year-to-date sales declined 28.5%, while average prices remained relatively stable.
Resale inventory increased as new supply continued to enter the market.
New construction is heavily weighted toward purpose-built rentals, limiting new condo supply.
Elevated rental availability has encouraged a wait-and-see approach among buyers.
CalGARY
read full edmonton oveview
Sales activity has moderated following several years of strong growth, as increased rental supply enters the market.
Condominium prices continued to rise year-over-year, supported by relative affordability.
Investor demand remains active, particularly from Ontario buyers targeting small-scale buildings.
Increased inventory has expanded buyer choice, creating a more competitive landscape.
Economic conditions are expected to strengthen in 2026, supporting renewed market momentum.
Edmonton
Regional Snapshot
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About the Report
REMAX’s Canadian Condominium Report includes data and insights supplied by REMAX brokerages. REMAX brokers and agents are surveyed on market activity and local developments. Each REMAX office is independently owned and operated.
About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 145,000 agents in almost 9,000 offices with a presence in more than 110 countries and territories. REMAX Canada refers to REMAX Canada, Inc., which is an affiliate of RE/MAX, LLC. Nobody in the world sells more real estate than REMAX, as measured by residential transaction sides. REMAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. REMAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network Hospitals® and other charities. To learn more about REMAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from REMAX Canada, please visit blog.remax.ca.
Forward looking statements
This report includes "forward-looking statements" within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "believe," "intend," "expect," "estimate," "plan," "outlook," "project," and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. These forward-looking statements include statements regarding housing market conditions and the Company's results of operations, performance and growth. Forward-looking statements should not be read as guarantees of future performance or results. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include (1) the global COVID-19 pandemic, which has impacted the Company and continues to pose significant and widespread risks to the Company's business, the Company's ability to successfully close the anticipated reacquisition and to integrate the reacquired regions into its business, (3) changes in the real estate market or interest rates and availability of financing, (4) changes in business and economic activity in general, (5) the Company's ability to attract and retain quality franchisees, (6) the Company's franchisees' ability to recruit and retain real estate agents and mortgage loan originators, (7) changes in laws and regulations, (8) the Company's ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (9) the Company's ability to implement its technology initiatives, and (10) fluctuations in foreign currency exchange rates, and those risks and uncertainties described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company's website at www.remax.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances. Source: REMAX Canada
GVA: Squamish, Whistler & Pemberton
Fraser Valley: Misssion
Greater Vancouver & Fraser Valley
X
Wihkwentowin (Oliver) and Windermere
Edmonton
X
The Peninsula
Halifax Regional Municipality
X
Regional Snapshot
Cityscape/Pineridge, Douglasdale/Glen, Mahogany, Bowness, Greenwood/Greenbrier, Carrington, Huntington Hill, Walden, Wolf Willow and Currie Barracks
Calgary
X
Greater Toronto Area
X
Westboro, Hintonburg, and Little Italy
Ottawa
X
+9.1% points since 2015
of all home sales are condominiums
Greater Vancouver
VIEW & DOWNLOAD
DATA TABLE
Greater Toronto
51
%
34
%
of all home sales are condominiums
up from 31.5% in 2015
To illustrate, condominium apartments in Greater Vancouver now represent almost 51 per cent of all homebuying activity, up 9.3 percentage points over the past decade. Values have followed in lockstep, with the average price in October 2025 up almost 55 per cent over values reported October of 2015 ($765,119/$494,689). The same holds true in the Greater Toronto Area where condominium market share has climbed to almost 34 per cent, up from 31.6 per cent in October of 2015. And despite extreme volatility during the pandemic and post-pandemic years, average price has risen almost 79 per cent from January-October 2015 compared to the same period in 2025 ($691,308 in 2025, from $386,329 in 2015).
“One in every two homes sold in Vancouver and one in every three homes sold in Toronto is a condominium,” notes Kottick. “Despite the pullback in recent years, condominiums remain a vital component of Canada’s current and future housing stock. It’s inevitable that, given the supply of land and population growth, a rebound will materialize, even if it takes some time. The fact remains that, in many urban areas, the only way to build is up and the only affordable entry-point to ownership is a condo. We anticipate 2026 will be a year of transition, as inventory is slowly absorbed, giving way to healthier conditions in 2027, alongside broader economic recovery. Economic stability, after all, is the bellwether of consumer confidence with the latter the essential catalyst that drives recovery.”
Tides should turn sooner in markets where inventory levels are less saturated. Halifax, Ottawa and Edmonton are positioned to lead the condominium recovery, with other major markets expected to follow gradually in late 2026 or early 2027.
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Thinking of purchasing a Condo in 2026?
read full GVA overview
Condominium sales remain below year-ago levels, with activity down 11% in Greater Vancouver and over 20% in the Fraser Valley year to date.
Buyer demand remains cautious amid economic uncertainty and elevated living costs.
Inventory levels remain high, driven by increased resale listings and recent condominium completions.
Interest rate cuts in 2025 have yet to materially shift buyer sentiment.
greater vancouver Area & Fraser Valley
Bathurst Manor/Clanton Park, Etobicoke West Mall/Islington City Centre West/Kingsway South, and Don Mills/Banbury
