Have condo prices reached bottom in Ontario?

Home prices have dropped in many cities across Canada since peak 2022 highs, and the condo market has seen big declines.

The latest home price index for Canada shows a four per cent decline on a year-over-year basis, according to Wahi, a real estate platform, and Real Property Solutions, a Canadian provider of property valuation services.

The index is based on the latest monthly actual home values in 1,000 towns and cities across the country.

The price index also examines property types, including condos.

Condo units have seen price declines and sluggish sales in recent months. In April, a Mississauga condo unit sold for under $350,000. And in April, eight units sold for under $400,000.

But have condo prices bottomed out? Maybe, according to Wahi and RPS.

“Although condo prices are still declining, the rate at which they are falling on an annual basis has not changed dramatically in recent months,” the report notes.

Since early 2025, year-over-year declines have remained between five and seven per cent. With the seasonally typical summer slowdown approaching, a meaningful shift in market conditions in the coming months would be unexpected, the report notes.

The report also looks at the home price index in cities across the country.

Of 13 major cities Wahi-RPS studies, prices have declined in seven.

Quebec City continues to rise to the top with an 11 per cent year-over-year increase. Montreal, Winnipeg, Saskatoon and Edmonton also saw gains.

Toronto and Hamilton saw the largest year-over-year decline at nine per cent. Ottawa-Gatineau, Halifax, Vancouver and Victoria also continue to see year-over-year declines.

Wahi and RPS suggest the Ontario government’s recently announced HST rebate for new homes may be impacting sales.

“Some buyers in Ontario who might have otherwise purchased an existing home in Ontario this spring may have opted for a new-construction home instead,” says RPS economist Ryan McLaughlin. “Similarly, others could be encouraged to continue holding off on a purchase until details of the rebate are fully finalized.”

See the full report here.

Lead photo: Siddharth Patel