The condo markets in Vancouver and Toronto are feeling the weight of oversupply and low appetite from buyers, but three smaller markets where conditions are more favourable are rising across Canada, according to Remax Canada.
The Remax Canada 2025 Canadian Condominium Report analyzed trends in the first 10 months of the year in Greater Vancouver, Fraser Valley, Calgary, Edmonton, Greater Toronto Area, Ottawa and the Halifax Regional Municipality, and found that all markets experienced lower resale activity, compared to 2025, with condominium values remaining relatively stable or posting modest declines.
But, tides should turn sooner in markets where inventory levels are less saturated, reads the report.
“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,” it said.
Growth in average prices was led by Greater Edmonton, with a 6.3 per cent uptick to $212,672.
Prices in Halifax ($487,719), Calgary ($348,503) and Ottawa ($436,173) were flat, with changes of less than one per cent.
Meanwhile, prices softened in the Greater Toronto Area by 5.1 per cent, in Greater Vancouver by 5.8 per cent, and in the Fraser Valley by 7.4 per cent.
Micro-apartments may be ‘coming to an end’
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.
The report notes that a sharp decline in investor demand has reduced project feasibility, contributing to cancellations, delays and a notable decline in new starts.
“With limited buyer interest, the era of micro-apartments may be coming to an end,” said Remax Canada president Don Kottick. “Investors have stepped back, leaving builders to reassess and determine what buyers in major cities truly seek in their condominium and rental options before proceeding with new projects.”
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, reads the report.
“Conditions remain outside the norm in many condominium markets across the country,” said 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.”
