Despite lower pricing and a wider supply selection, buyer sentiment in Canada’s condominium market remained subdued in 2025 as inventory continued to build across major centres, according to a new report from RE/MAX Canada.

“Affordability and cost of living pressures weighed heavily on homebuyers nationwide,” said Don Kottick, president of RE/MAX Canada. “However, with two consecutive cuts to overnight rates in recent months failing to meaningfully shift consumer behaviour, it’s clear broader issues including job security and economic uncertainty continue to undermine consumer confidence levels.”

The RE/MAX Canada 2025 Canadian Condominium Report examined activity from Jan. 1 to Oct. 31, compared with the same period in 2024, across seven major markets: Greater Vancouver, Fraser Valley, Calgary, Edmonton, the Greater Toronto Area, Ottawa and the Halifax Regional Municipality. All markets posted lower resale activity, while values were generally stable or recorded modest declines.

Sales fell year-over-year in Calgary (-28.5%), Fraser Valley (-20.6%), the Greater Toronto Area (-11.9%), Greater Vancouver (-11%), Halifax Regional Municipality (-8.8%), Greater Edmonton Area (-6.0%) and Ottawa (-2.9%).

Average prices increased modestly from the same period a year earlier in three markets, led by Greater Edmonton, up 6.3% to $212,672. Halifax prices rose 0.3% to $487,719, while Calgary edged up 0.2% to $348,503. Prices declined in the Greater Toronto Area (-5.1%), Greater Vancouver (-5.8%) and the Fraser Valley (-7.4%).

Supply remained elevated nationwide despite some moderation in new listings, keeping prices in check and expanding buyer choice. The Canada Mortgage and Housing Corporation’s Fall 2025 Housing Report noted that condo-apartment starts declined in all markets except Edmonton and Ottawa, with the steepest pullback in the GTA, reflecting weaker investor demand, project cancellations and delays.

“With limited buyer interest, the era of micro-apartments may be coming to an end,” said 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.”

RE/MAX said mismatches between new supply and buyer needs have been most evident in the GTA, while smaller-scale projects such as townhomes and low- to mid-rise buildings in Calgary and Edmonton have been better positioned to meet presale and financing thresholds.

“Making adjustments to the design and mix of condominium stock offered is prudent moving forward. However, a sustained pullback in new construction poses a serious risk to future affordability,” Kottick added.

Some neighbourhoods and price segments showed resilience, including Squamish and Whistler/Pemberton in Greater Vancouver; Mission in the Fraser Valley; multiple Calgary communities; Wihkwentowin (Oliver) and Windermere in Edmonton; select GTA neighbourhoods such as Bathurst Manor/Clanton Park and Don Mills/Banbury; Westboro, Hintonburg and Little Italy in Ottawa; and Halifax’s Peninsula. Luxury condo sales above $2 million in the GTA were down by just one sale year-over-year, while Calgary saw gains in several price bands between $850,000 and $1.5 million.

“Condominium values have softened considerably from peak values across the board,” said 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.”

He added that rentals gained ground as buyers remained cautious, while longer-term fundamentals remain intact, with Halifax, Ottawa and Edmonton expected to lead a gradual condo recovery ahead of other major markets.