Canadian Housing Market Report

*Seasonally Adjusted

Note: Data sourced from the Canadian Real Estate Association (CREA)

August 2026 interrupted some of the momentum seen earlier in the summer.

The national benchmark home price fell 0.6% from July 2026 to $657,500 and remained 3.0% below August 2025. Seasonally adjusted national home sales also slipped 0.6% month-over-month and were 6.7% lower year-over-year.

That does not mean every market weakened equally. Ontario and British Columbia continued to post some of the largest annual benchmark-price declines, while Quebec, Saskatchewan, Nova Scotia, New Brunswick, and Newfoundland and Labrador remained above August 2025 benchmark levels.

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Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026

Canada's housing market lost some momentum in August 2026. Seasonally adjusted national home sales edged down 0.6% from July 2026 and were 6.7% below August 2025. The national average price fell month-over-month but remained slightly higher than a year earlier, while the national benchmark price declined both monthly and annually.

The national benchmark home price was $657,500, down 0.6% from July 2026 and 3.0% from a year ago. The national average home price was $668,351 in August 2026, down 1.0% from July but up 0.6% from August 2025.

National sales slipped 0.6% from July 2026 after seasonal adjustment. Canada's sales-to-new-listings ratio fell to 49.1% from 51.3% in July. New listings increased by approximately 3.3% month-over-month.

There were approximately 200,000 active listings across Canada in August 2026. Using August's seasonally adjusted sales, that equals about 5.3 months of inventory, keeping the national market close to balanced conditions.

Note: Sales are seasonally adjusted

The largest annual increases in average prices were in Prince Edward Island (+5.0%), Alberta (+4.3%), and Newfoundland and Labrador (+4.0%).

At the other end of the market, Ontario's average price was 1.7% lower than in August 2025, while British Columbia was down 0.1%.

Regional price trends therefore remained divided, with several Prairie and Atlantic markets posting annual gains even as Ontario and B.C. remained softer.

No province in August 2026 set a new record for either its average selling price or benchmark home price. Newfoundland and Labrador's benchmark eased to $358,400 from its July 2026 record of $359,300, while P.E.I.'s benchmark fell to $372,800 from its July 2026 record of $388,400.

The absence of new provincial records in August 2026 is another sign that price growth is becoming less broad-based, even though several smaller markets continue to post annual gains.

Benchmark prices provide a better measure of changes in the value of a typical home than average prices because they are less affected by changes in the types of properties sold.

A notable feature of August 2026 is the difference between the national average price and benchmark price. The average price was 0.6% higher than a year ago, while the benchmark remained 3.0% lower.

This suggests that part of the apparent strength in the national average continues to come from the mix and location of homes being sold, rather than a broad increase in the value of a typical Canadian home.

Both national measures weakened month-over-month in August 2026: the average price fell 1.0%, while the benchmark price fell 0.6%. The difference between average and benchmark pricing reinforces why monthly housing data should not be judged from a single measure.

Canada was a buyer's market, above 5 months of inventory, yet remained close to balanced market conditions in August 2026.

CREA considers a national sales-to-new-listings ratio between roughly 40% and 60% to be consistent with a balanced market. August 2026's ratio was 49.1%, down from 51.3% in July.

More importantly, regional market conditions remain quite different from one province to another.

Ontario had about 5.2 months of supply and a 44% sales-to-new-listings ratio, while Saskatchewan had about 3.3 months and a 66% ratio. B.C. and P.E.I. had the highest inventory levels at approximately 7.7 and 7.4 months, respectively.

P.E.I. and B.C. have some of the highest inventory relative to sales, while Saskatchewan and Alberta remain considerably tighter.

Note: Canada's figure is seasonally adjusted. Provincial figures are calculated using active listings divided by sales for the month. Quebec is calculated using average sales over the previous 12 months.

August 2026 does not point to a broad housing-market rebound. National sales and the benchmark price both slipped from July 2026, while market balance remained close to the middle of historical ranges.

The earlier summer improvement paused in August: seasonally adjusted sales fell 0.6%, the sales-to-new-listings ratio declined to 49.1%, and the benchmark price fell 0.6% month-over-month. At the same time, the national average price remained 0.6% above a year earlier.

However, national sales were still 6.7% below August 2025, and the national benchmark remained 3.0% lower than a year earlier. Mortgage rates also remain higher than they were before 2022.

British Columbia's housing market remained Canada's most expensive provincial housing market in August 2026 among provinces, with an average price of $924,826.

The average price fell 0.5% from July 2026 and 0.1% year-over-year. B.C.'s benchmark price fell 0.8% month-over-month and 4.7% year-over-year to $874,600, the largest annual provincial benchmark decline in the supplied August data.

There were 5,653 residential sales during August 2026, down 13.8% from July and 4.7% from a year earlier.

The province had 43,693 active listings in August, leaving inventory high relative to sales.

B.C. had approximately 7.7 months of inventory, one of the highest levels in Canada.

The combination of softer sales, elevated inventory, and falling benchmark prices means buyers continue to have considerably more negotiating power than they did several years ago, particularly in the Lower Mainland.

Quebec remained one of Canada's stronger large provincial markets on an annual price basis, although activity cooled in August.

The average home price was $565,212, up 3.1% from August 2025 but down 0.3% from July. The benchmark price was $540,800, also up 3.1% year-over-year but down 1.1% month-over-month.

There were 6,502 sales and 12,482 new listings during August 2026, giving Quebec a sales-to-new-listings ratio of approximately 52.1%, down sharply from 65.5% in July.

The Montreal average home price was $689,824 in August 2026, slightly below July 2026's all-time record high of $693,686.

Quebec City

Quebec City remained stronger than many Canadian markets in August 2026, although monthly activity eased.

There were 677 sales during August, 4.5% fewer than in July but 6.3% more than in August 2025. The average home price was approximately $489,295, up 1.5% year-over-year.

The average price was 0.6% lower than in July, suggesting continued annual strength without renewed monthly price acceleration.

Quebec City therefore remained relatively resilient, even as the broader Quebec sales-to-new-listings ratio moved back toward balance.

Alberta

Alberta's average home price was $524,545 in August 2026, up 1.1% from July 2026 and 4.3% year-over-year.

Its benchmark price was $511,500, down 0.4% from July 2026 and down 0.8% from August 2025. The divergence between average and benchmark pricing suggests that Alberta's market remains more mixed than its headline average-price increase implies.

There were 5,995 sales, 10,323 new listings, and approximately 21,943 active listings. Alberta's sales-to-new-listings ratio was 58.1%, with approximately 3.7 months of inventory.

Sales were 13.5% lower than in July 2026 and approximately 12.0% lower year-over-year, even as the average selling price increased.

Alberta therefore remains relatively balanced, with tighter supply than Ontario or B.C. but much less competitive conditions than during the province's rapid 2022-2024 expansion.

Saskatchewan

Saskatchewan continues to be one of Canada's tighter housing markets.

The average price was $365,276, up 1.6% year-over-year but down 1.0% from July 2026. The benchmark price was $381,600, up 3.2% year-over-year and down 0.5% month-over-month.

There were 1,510 sales in August 2026, down 8.7% from July and approximately 3.0% year-over-year. Saskatchewan had 2,277 new listings, 4,920 active listings, a 66.3% sales-to-new-listings ratio, and about 3.3 months of inventory.

Saskatchewan therefore remains seller-leaning compared with most provinces, with relatively low available supply despite the monthly sales slowdown.

Nova Scotia

Nova Scotia's average price was $467,585, up 0.5% from July 2026 and 0.1% year-over-year. Its benchmark price was $435,000, up 1.4% month-over-month and 1.6% year-over-year.

There were 997 sales during August 2026, down 7.3% from July 2026 and approximately 7.1% year-over-year. The province had 1,571 new listings, 5,643 active listings, a 63.5% sales-to-new-listings ratio, and about 5.7 months of inventory.

Nova Scotia therefore remains close to balanced on inventory, while its August sales-to-new-listings ratio was somewhat seller-leaning.

In Halifax's housing market, the average home price rose 2.6% month-over-month to $592,675 but was approximately 1.9% lower year-over-year. There were 441 sales, down 12.7% from July 2026 and about 7.0% from a year earlier.

Prince Edward Island

P.E.I. presented a mixed housing-market picture in August 2026.

Its average price rose 4.7% from July 2026 and 5.0% year-over-year to $420,819, while its benchmark price fell 4.0% month-over-month and 1.3% year-over-year to $372,800.

There were 188 sales, up 3.9% from July 2026 but down 5.5% year-over-year. P.E.I. had 360 new listings and 1,384 active listings, giving it a 52.2% sales-to-new-listings ratio and approximately 7.4 months of inventory.

P.E.I. therefore combines relatively high inventory with a strong average selling price, even as its benchmark measure of a typical home declined.

This contrast highlights how changes in the mix of homes sold can move average prices differently from benchmark prices, particularly in a smaller market.

New Brunswick

New Brunswick's benchmark price was $342,400, down 0.5% from July 2026 but up 5.9% year-over-year. New Brunswick's average home price of $348,897 was down 1.6% monthly and down 1.2% year-over-year.

Newfoundland and Labrador

Newfoundland and Labrador remains one of Canada's stronger provincial housing markets on annual price growth.

Its average price increased 4.0% year-over-year to $366,918, while its benchmark price was $358,400, up 6.8% from August 2025 and down 0.3% from July 2026.

There were 624 sales in August 2026, down 5.2% from July 2026 and approximately 6.9% lower year-over-year. The province had 1,039 new listings, 2,847 active listings, a 60.1% sales-to-new-listings ratio, and about 4.6 months of inventory.

The August 2026 benchmark sits just below July 2026's record of $359,300, so the province remained near record price territory even after a small monthly decline.

Unlike Ontario and B.C., Newfoundland and Labrador still shows relatively tight supply and a seller-leaning sales-to-new-listings ratio.

Canada's Housing Markets Remain Divided

One of the clearest features of the August 2026 housing market data is the continued divergence in provincial market conditions.

Ontario and B.C. remain soft on benchmark prices, while Saskatchewan, Quebec, Nova Scotia, New Brunswick, and Newfoundland and Labrador continued to post annual benchmark gains.

Nationally, the market was balanced at a 49.1% sales-to-new-listings ratio, but supplied months of inventory ranged from about 3.3 in Saskatchewan to 7.7 in B.C.

Canada is therefore not moving in one direction: some regions remain buyer-friendly while others still have relatively tight supply.

Ontario and B.C. Are Still Weighing on the National Benchmark

Canada's two most expensive large provinces account for a substantial share of national real estate value.

With benchmark prices down 3.5% in Ontario and 4.7% in B.C., weakness in those markets continues to weigh on the national benchmark even as benchmark prices rise in Quebec, Saskatchewan, Nova Scotia, New Brunswick, and Newfoundland and Labrador.

This helps explain how Canada can simultaneously have:

• a national average price 0.6% above August 2025;
• a national benchmark 3.0% below August 2025; and
• several provinces recording annual benchmark-price increases.

There is no single "Canadian housing market" when regional trends are moving in opposite directions.

National Momentum Softened in August

The August 2026 data shows that the national market did not continue tightening at the pace seen earlier in the summer.

Seasonally adjusted sales fell 0.6% from July 2026. Based on the sales-to-new-listings ratios, new listings increased by approximately 3.3%, pushing the national ratio down from 51.3% to 49.1%. The national benchmark price also fell 0.6% month-over-month.

Regional ratios moved differently: Ontario was almost unchanged at 43.9%, Quebec fell to 52.1%, while Nova Scotia and Newfoundland and Labrador were above 60%.

The result is a nationally balanced market with substantial regional variation rather than a broad-based rebound.

August's Provincial Monthly Sales Declines Are Partly Seasonal

Several provinces recorded double-digit declines in unadjusted sales from July 2026 to August 2026, including B.C., Alberta, Ontario, and Quebec.

Those figures should not be interpreted as evidence that demand suddenly collapsed in August.

Provincial figures are generally not seasonally adjusted, while the national seasonally adjusted series provides a better measure of the short-term direction and fell by only 0.6% in August.

This distinction is particularly important when interpreting August 2026's provincial numbers.

The Resale Market Is Stabilizing While New Construction Slows

Canada's resale market is showing signs of stabilization just as the residential construction pipeline begins losing momentum, according to newly released data from the Canada Mortgage and Housing Corporation (CMHC).

The six-month trend in housing starts declined 0.5% in July 2026 to 247,377 annualized units. The seasonally adjusted annual rate of total housing starts fell 5% from June 2026 to approximately 229,074 units. Actual starts in centres with populations of at least 10,000 were 19% below July 2025.

Vancouver housing starts fell 42% year-over-year and Toronto starts declined 10%, while Montreal starts increased 3%.

At the same time, a large volume of housing remains in the construction pipeline. There were approximately 373,091 units under construction in larger urban centres, while monthly completions increased 8.1%.

That creates two different supply stories: completions could continue adding homes in the near term, while weaker starts today risk slowing the flow of new supply later.

What Does August 2026 Mean for Buyers?

For buyers, conditions depend heavily on location.

Buyers in B.C., Ontario, and P.E.I. generally have more selection and negotiating leverage, with approximately 7.7, 5.2, and 7.4 months of inventory respectively and benchmark prices below last year in all three markets.

Buyers in Saskatchewan and Newfoundland and Labrador face a different market, with about 3.3 and 4.6 months of inventory and sales-to-new-listings ratios of 66.3% and 60%.

Nationally, August's 49.1% sales-to-new-listings ratio, 5.3 months of inventory, and 0.6% monthly benchmark decline point to a balanced-to-soft market rather than a broad rebound.

What Does August 2026 Mean for Sellers?

Sellers are facing a balanced but highly uneven market across Canada.

In Ontario and B.C., realistic pricing remains important because benchmark prices are 3.5% and 4.7% below last year and buyers continue to have meaningful choice.

Sellers in Saskatchewan and Newfoundland and Labrador have stronger conditions because supply is tighter and sales-to-new-listings ratios remain above 60%.

The biggest national change in August is that momentum softened rather than accelerated: sales edged lower, the national ratio fell, and the benchmark price declined month-over-month.

📊 2026 Canada Housing Market Forecast

Forecasts for the remainder of 2026 continue to point toward a subdued year rather than a major housing rebound.

CREA's July 2026 forecast expects 463,336 residential sales in 2026, a 1.4% decline from 2025. The national average home price is forecast to increase 1.1% to approximately $686,710.

CMHC is somewhat more cautious. Its Summer 2026 Housing Market Outlook projects approximately 457,200 sales, an average price of approximately $675,200, and 241,400 housing starts during 2026. CMHC expects slow economic growth, weaker population growth, elevated borrowing costs, and economic uncertainty to restrain housing demand before conditions improve in 2027 and 2028.

1. 🏦 Constraint from Stable Interest Rates

Market expectation of stable BoC rates until 2027 acts as a brake on sales activity.

• No "Unleashing" of Demand: The market will not benefit from the "powerful boost" of further rate cuts that some forecast.

• Mortgage Renewal Headwind: A large portion of all outstanding Canadian mortgages are expected to renew in 2026. Since many of these renewals will be at higher rates than their initial contracts (especially five-year fixed mortgages), homeowners will face payment increases for those renewing in 2026. This rising cost of ownership will force/encourage some sellers to list.

2. ⚔️ Damage from Trade Conflict

The trade conflict is a net negative that hits both the supply and demand sides of the market simultaneously.

• Supply Crisis Deepens: Retaliatory tariffs on key imports (e.g., steel, aluminum, glass, and major appliances) from the U.S. will drive up the price of building materials. This added expense will cause developers to delay or scrap new projects, reducing housing starts and prolonging the supply crisis.

• Confidence Sinks: The primary risk is the "overall economic slowdown" caused by trade uncertainty, which translates directly into lower consumer confidence and a hesitation to make a large purchase, further muting sales activity.

3. 🌍 Stabilization from Established Immigrants

The sustained underlying demand from recent immigrants who are now credit-ready will be the market's main stabilizing force.

• Demand Maturation: Immigrants from the last few years are now meeting the necessary two years of Canadian residency and job stability required for favourable mortgage financing and are transitioning from the rental market to the ownership market.

• Price Floor: This structural demand will be concentrated in major urban markets (Toronto, Vancouver, Montreal, Calgary), acting as a floor under prices and likely preventing the very steep annual declines that some forecast for Ontario and BC from being realized. This sustained demand will offset economic softness caused by trade anxiety.