The Canadian median condominium price fell 1.6% year-over-year in the third quarter amid a rise in sales activity, says a new report from Royal LePage.

The national median condo price dropped to $580,700, while those in the country’s largest markets fluctuated considerably.

“Canada’s housing market is shifting toward balance, as easing prices, rising listings and renewed rate cuts improve affordability across most regions,” said Phil Soper, president and CEO of Royal LePage. “For the first time in years, buyers – especially in previously supply-strapped markets – have real choice and negotiating power. With confidence returning and further rate reductions expected into early 2026, we anticipate noticeably stronger activity by the spring.”

The Greater Toronto Area saw a 7.4% drop year-over-year to $668,700, while the Montreal region posted a 4.3% increase to $487,900 and Greater Vancouver experienced a 3.4% decrease to $742,300.

Quebec City saw a whopping 14.2% while Ottawa (2.1%), Edmonton (2.7%), Winnipeg (3.4%) and Regina (3%) also posted gains. But Calgary (-3%), Halifax (-4.5%).

The national aggregate home price remained flat.

Soper said affordability is improving and the economic backdrop remains “remarkably stable,” but consumer confidence is lagging.

“[Overall] prices are likely to tread water in the near term, as improved affordability and lower borrowing costs draw more buyers back to the table,” said Soper. “Finally, the return-to-office trend should renew demand in urban cores, even as lower prices in suburban and rural communities continue to attract families – just not at the scale we saw during the pandemic.”

Royal LePage has lowered its overall national housing price-increase forecast for the fourth quarter to 1%. The company expects a “brisk” 2026 spring market, provided that consumer confidence returns.

Pictured: Condominium building in Toronto.

Photo: Realtor.ca/Royal LePage