What is it?
The New Condominium Apartment Price Index (NCAPI) is a number Statistics Canada publishes every quarter (three months). It shows how developers’ selling prices for new condo apartment units change over time.
It is not the price of existing condos that people sell to each other (resale prices). It covers new condos sold by the developer: pre-construction (homes sold before they are built) and newly built condos.
The index sets the 2017 average to 100. If Toronto is 127.6 in the third quarter of 2026, new condos of the same quality cost about 27.6% more than the 2017 average.
How is it measured?
- Price per area: each unit’s price is divided by its size to get a price per square foot, so the number does not jump just because bigger units sold that quarter.
- Same quality: when the features of the development, the building or the unit differ from a fixed reference unit, the difference is valued in dollars and the price is adjusted. So the index always compares the same kind of unit, which is why it is called a “constant-quality index”.
- Units surveyed: five types — one bedroom, one bedroom with den, two bedroom, two bedroom with den, and three bedroom. Developers report units sold closest to the 15th of the month; if none sold, list prices (asking prices) are used.
- Sales tax is left out: prices exclude sales taxes such as GST and HST. Check whether HST is included before you compare with a contract price.
- Cities: Halifax, Montréal, Québec, Ottawa–Gatineau (Ontario part), Toronto, Calgary, Edmonton, Vancouver and Victoria, plus a composite of these nine. The “Canada” number in The Daily is this composite.
- It is not seasonally adjusted, and the previous quarter’s number can be revised once (a one-quarter revision period).
Example: the third-quarter 2026 release (November 3, 2026)
| Area | Index (2017=100) | Change from last quarter |
|---|---|---|
| Nine-city composite (“Canada”) | 120.8 | -0.6% |
| Toronto | 127.6 | -0.8% |
| Ottawa–Gatineau (Ontario part) | 143.9 | +1.6% |
| Vancouver | 109.6 | -1.0% |
The quarterly changes are from the Statistics Canada release. To compare with a year earlier, find the same quarter last year in Table 18-10-0273-01 and divide.
How is it different from TRREB’s condo average price?
- TRREB’s number is the average price of homes sold on the MLS (mostly resale). If more large units sell this month, the average goes up.
- The new condo price index looks only at new condos sold by developers, and tracks the change in a quality-adjusted price per square foot. So the two numbers can move in different directions or by different amounts.
- The areas differ too. Toronto in this index is Statistics Canada’s Toronto census metropolitan area (CMA), which does not have exactly the same borders as TRREB’s GTA.
- An index shows how much prices changed, not what they are. You cannot compare two cities’ index numbers and say which one is more expensive.
What the law and official sources say
Quotes are copied word for word. The "In plain words" lines are our explanation, not an official translation.
The New Condominium Apartment Price Index (NCAPI) is a quarterly series that measures changes over time in the developers' selling prices of units in newly built apartment-style condominiums, where detailed specifications pertaining to each unit remain comparable between two consecutive periods.In plain wordsEvery quarter, the index shows how developers’ prices for new condo units change, comparing units with the same details from one quarter to the next.
Source: www150.statcan.gc.ca/n1/daily-quotidien/261103/dq261103b-eng.htm · checked Nov 4, 2026
The NCAPI is computed using a unit-value approach, wherein the price of a unit is standardized by its square footage to give a price per square foot. Quality adjustments are made prior to calculating these unit prices in order to produce a constant-quality index.In plain wordsEach unit’s price is turned into a price per square foot, and quality differences are adjusted first, so the index follows prices for the same quality.
Source: www150.statcan.gc.ca/n1/daily-quotidien/261103/dq261103b-eng.htm · checked Nov 4, 2026
The prices used in the index calculation exclude value added taxes such as the goods and services tax, the harmonized sales tax, and the Quebec sales tax. Respondents are asked to report for units which were sold closest to the 15th of the reference month. If no units were sold, list prices were collected for the targeted unit types that were available in the reference month.In plain wordsIndex prices leave out sales taxes like GST and HST. Developers report units sold closest to the 15th of the month, and list prices are used when nothing sold.
Source: www23.statcan.gc.ca/imdb/p2SV.pl?Function=getSurvey&SDDS=5236 · checked Nov 4, 2026
Common questions
If the index falls, has my pre-construction unit lost that much value?
No. The index shows the average change in new condo prices across a whole city. Your unit’s value depends on the building, floor, view, closing date and the market at that time. Check your own value against actual sales of similar units.
Where do I find the change from a year ago?
The Daily release shows only the change from the previous quarter. Find the same quarter last year in Table 18-10-0273-01 and compare. The previous quarter’s number can be revised in the next release.
Are developer incentives included?
The Statistics Canada survey description says it uses the selling prices developers report, without GST and HST. It does not say how incentives are treated, so check the actual price and terms in the contract before you sign.
Guides that use this term
Sources checked
- Statistics Canada, The Daily, New Condominium Apartment Price Index, third quarter 2026 (November 3, 2026) · checked Nov 4, 2026
- Statistics Canada Table 18-10-0273-01, New condominium apartment price indexes, by census metropolitan area (quarterly) · checked Nov 4, 2026
- Statistics Canada, New Condominium Apartment Price Index survey description (record 5236) · checked Nov 4, 2026