Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for May 2026
Canada Real Estate Market Trends
Average Home Prices by Province (May 2026)
Provincial Average Home Sale Prices
Canada
Canada's housing market strengthened in May 2026, with seven provinces breaking all-time price records, national sales rising 5.5% from April 2026, and the national average home price climbing above both April 2026 and May 2025 levels. The national average home price rose to $702,079, up 1.0% month-over-month from $695,171 in April 2026 and 1.5% above the $691,717 recorded in May 2025.
The national benchmark home price, which measures the price of a 'typical' home, edged up to $667,700 in May 2026 from $666,400 in April 2026, a +0.2% monthly move, but remained 4.1% below May 2025. With 4.8 months of inventory in May 2026, national market conditions tightened relative to April while remaining broadly balanced.
Market Insights for May 2026
| Sales | -0.6% Year-over-Year |
| New Listings | -1.0% Month-over-Month |
| Active Listings | 0% Year-over-Year |
Note: Sales are seasonally adjusted
Nationally, 37,862 homes were sold on a seasonally-adjusted basis in May 2026, up 5.5% from 35,877 in April 2026 and only 0.6% below the 38,075 homes sold in May 2025. Most provinces recorded month-over-month sales gains, led by strong rebounds in Ontario and Manitoba.
Inventory conditions tightened in May 2026. National months of supply fell to 4.8 months, while the national sales-to-new-listings ratio rose to 49.2% from 45.6% in April 2026. Active listings were essentially unchanged versus May 2025, leaving buyers with similar choice to a year earlier even as demand picked up.
Provincial Price Record Breakers for May 2026
| New Brunswick | 🏆🏆 | Record-Breaking Benchmark ($352,200) PriceRecord-Breaking Average ($370,946) Price |
| Newfoundland | 🏆🏆 | Record-Breaking Benchmark ($349,900) PriceRecord-Breaking Average ($374,876) Price |
| Saskatchewan | 🏆🏆 | Record-Breaking Benchmark ($381,100) PriceRecord-Breaking Average ($386,197) Price |
| Nova Scotia | 🏆 | Record-Breaking Benchmark ($441,400) Price |
| Quebec | 🏆 | Record-Breaking Average ($568,580) Price |
| Alberta | 🏆 | Record-Breaking Average ($547,605) Price |
| Prince Edward Island | 🏆 | Record-Breaking Benchmark ($383,200) Price |
Seven provinces broke all-time price records in May 2026. New Brunswick, Newfoundland, and Saskatchewan each broke records for both their benchmark and average home prices. Nova Scotia broke its benchmark price record. Quebec, Alberta, and Prince Edward Island broke their respective average or benchmark price records.
Meanwhile, New Brunswick, Newfoundland, Saskatchewan, Quebec, and Alberta all saw their highest-ever average home sold prices in May 2026.
Benchmark Home Prices by Province (May 2026)
| Province | May 2026 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $889,800 | 0.0% | -5.2% |
| Ontario | $756,900 | 0.6% | -5.5% |
| Quebec | $547,400 | -0.6% | 3.4% |
| Alberta | $515,300 | 0.3% | -2.3% |
| Nova Scotia | $441,400 | 0.1% | 0.9% |
| PEI | $383,200 | 1.1% | 3.0% |
| Saskatchewan | $381,100 | 1.8% | 3.8% |
| New Brunswick | $352,200 | 1.2% | 10.1% |
| Newfoundland | $349,900 | 3.1% | 11.3% |
| Canada | $667,700 | 0.2% | -4.1% |
Benchmark Prices Across Canada
Benchmark prices were broadly positive on a month-over-month basis in May 2026. Nationally, the benchmark rose 0.2% from April 2026 to $667,700, although it remained 4.1% lower than in May 2025.
Year-over-year benchmark declines were still the largest in Ontario (-5.5% versus May 2025) and British Columbia (-5.2%), followed by Canada overall at -4.1% and Alberta at -2.3%. By contrast, Newfoundland (+11.3% versus May 2025), New Brunswick (+10.1%), Saskatchewan (+3.8%), PEI (+3.0%), Quebec (+3.4%), and Nova Scotia (+0.9%) continued to post positive annual benchmark price growth.
On a month-over-month basis, Newfoundland posted the strongest monthly gain at 3.1%, followed by Saskatchewan (+1.8%), New Brunswick (+1.2%), PEI (+1.1%), Ontario (+0.6%), Alberta (+0.3%), Nova Scotia (+0.1%), and British Columbia (0.0%). Quebec was the exception, with its benchmark price falling 0.6% from April 2026. Manitoba benchmark data is not available.
Months of Supply
Months of supply fell to 4.8 months nationally in May 2026. Canada remained broadly balanced, although market conditions continued to vary significantly by region.
British Columbia (6.7 months) remained the most buyer-friendly provincial market in the tracker. PEI (6.6 months), Newfoundland (5.9 months), Quebec (5.3 months), Nova Scotia (4.6 months), Ontario (4.2 months), and New Brunswick (4.0 months) were in balanced territory.
Saskatchewan (2.8 months) and Alberta (2.9 months) remained the tightest provincial housing markets in Canada.
Months of Supply
| Jurisdiction | May 2026 Months of Supply |
|---|---|
| Canada | 4.8 months |
| British Columbia | 6.7 months |
| PEI | 6.6 months |
| Newfoundland | 5.9 months |
| Quebec | 5.3 months |
| Nova Scotia | 4.6 months |
| Ontario | 4.2 months |
| New Brunswick | 4.0 months |
| Alberta | 2.9 months |
| Saskatchewan | 2.8 months |
Note: Calculated as actual active listings/actual sales for the month
Today's Mortgage Rates
| 1-Year Fixed | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | 5-Year Variable | |
|---|---|---|---|---|---|---|
| Lowest Rates | % | |||||
| Average Rates (10 Lenders) | 5.25% | 4.77% | 4.62% | 4.64% | 4.6% | 3.95% |
| 30-Days Change of Average Rates | 0 bps higher | 0 bps higher | 4 bps higher | 5 bps higher | 6 bps higher | 0 bps higher |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| undefined-Year Fixed | % | 5.25% | 0 bps higher |
| undefined-Year Fixed | % | 4.77% | 0 bps higher |
| undefined-Year Fixed | % | 4.62% | 4 bps higher |
| undefined-Year Fixed | % | 4.64% | 5 bps higher |
| undefined-Year Fixed | % | 4.6% | 6 bps higher |
| undefined-Year Variable | % | 3.95% | 0 bps higher |
The basket of 10 lenders includes: CIBC, BMO, TD, Scotiabank, RBC, National Bank, Desjardins, nesto, Tangerine, First National.
Regional Analysis
Ontario
Ontario's housing market rebounded sharply in May 2026, with sales surging and prices rising from April 2026. The average home price increased 1.0% month over month to $847,813 from $839,112 in April 2026.
The benchmark price increased to $756,900 in May 2026 from $752,400 in April 2026, a 0.6% monthly gain, while remaining 5.5% below May 2025.
Ontario home sales rose to 17,247 in May 2026, up 15.5% from 14,927 in April 2026. With 4.2 months of inventory, Ontario tightened slightly from April while remaining in balanced territory.
The average home sold price in the GTA was $1,069,700 in May 2026, representing an increase of 1.7% from April 2026. GTA home sales rose 6.3% year-over-year, while the GTA's MLS HPI Composite benchmark remained below May 2025 levels.
British Columbia
Home prices in British Columbia's housing market edged lower in May 2026. The average home price slipped 0.7% from April 2026 to $945,878, and was 1.4% below May 2025 levels.
Home sales in British Columbia climbed to 6,790 in May 2026, up 7.6% from 6,311 in April 2026. Despite the pickup in activity, British Columbia remained Canada's most buyer-friendly provincial market, with 6.7 months of inventory in May 2026. Greater Vancouver's average home price for May 2026 was $1,235,658, up 2.1% month-over-month.
Quebec
Quebec remained one of Canada's firmer housing markets in May 2026, with prices continuing to rise year-over-year. The average home price rose to $568,580, up 0.4% from $566,364 in April 2026 and 3.7% from $548,455 in May 2025.
Quebec home sales reached 9,300 in May 2026, down 2.4% from 9,532 in April 2026 and 5.7% below the 9,857 transactions recorded in May 2025. With 5.3 months of inventory, Quebec remained balanced.
Quebec City's average home price was $503,091 in May 2026. The Montreal housing market saw its average home price rise 2.6% annually to $674,943 for May 2026.
The Prairies
Alberta
Alberta's housing market continued to strengthen in May 2026, with prices and sales both moving higher from April 2026. The average home price increased 1.3% month over month to $547,605 from $540,492 in April 2026, setting a new all-time record for Alberta.
Sales climbed to 7,401 in May 2026. The sales-to-new-listings ratio stood at 54%. With 2.9 months of supply, Alberta remained one of the country's clearest seller's markets.
The average home price in Calgary was $665,695 in May 2026, while Edmonton home prices reached $491,794.
Saskatchewan
Saskatchewan's housing market strengthened again in May 2026, with both prices and sales posting monthly gains. The average home price rose to $386,197, up from $373,199 in April 2026. Saskatchewan's May benchmark price was $381,100, up 1.8% from April 2026 and 3.8% above May 2025 — a new all-time record. Sales climbed to 1,571 in May 2026, up from 1,404 in April 2026. With 2.8 months of supply, Saskatchewan remained one of the tightest provincial housing markets in Canada.
Saskatoon's housing market remained strong. The average home price was $457,248 in May 2026.
Regina also saw stronger pricing in May 2026. The average home price was $376,451 in May 2026.
Manitoba
Manitoba's housing market remained active in May 2026. The average home price slipped slightly to $421,030, down 0.5% from $423,341 in April 2026.
Sales rose sharply to 1,822 in May 2026, up 24.4% from 1,465 in April 2026. Winnipeg's average home price was $427,223 in May 2026.
Atlantic Canada
Nova Scotia
Nova Scotia's average home price fell 3.3% month over month to $498,955 in May 2026 from $515,846 in April 2026. The benchmark price reached a new all-time high of $441,400, up 0.1% from April 2026 and 0.9% above May 2025.
Sales reached 1,093 in May 2026, up from 822 in April 2026. With 4.6 months of inventory, Nova Scotia tightened from April while remaining in balanced territory. In Halifax's housing market, the average home price was $629,270 in May 2026.
Prince Edward Island
PEI's average home price rose to $404,284 in May 2026, up 1.4% from $398,673 in April 2026 but 1.5% below May 2025 levels. The benchmark price hit a new record of $383,200, up 1.1% from April 2026 and 3.0% above May 2025.
With 6.6 months of inventory in May 2026, PEI remained in buyer- friendly balanced territory.
New Brunswick
New Brunswick's average home price rose to a new all-time record of $370,946 in May 2026, up 2.0% from $363,668 in April 2026. The benchmark price also set a new record at $352,200 in May 2026, up 1.2% from April 2026 and 10.1% above May 2025.
Sales totalled 925 in May 2026, up from 789 in April 2026. With 4.0 months of supply, New Brunswick remained broadly balanced.
The average home prices in New Brunswick's major cities in May 2026 were:
- Fredericton at $397,526
- Moncton at $388,884
- Saint John at $393,056
Newfoundland and Labrador
Newfoundland's housing market surged in May 2026. The average home price rose to a new all-time record of $374,876, up 5.6% from $355,067 in April 2026 and 11.1% above May 2025. The benchmark price also hit a new record at $349,900 in May 2026, up 3.1% from April 2026 and 11.3% above May 2025.
Sales were 410 in May 2026. With 5.9 months of inventory, Newfoundland remained balanced.
Analysis
The sales picture across Canada in May 2026 showed a clear improvement from April 2026, with national seasonally adjusted sales rising 5.5% month over month. Seven provinces broke all-time price records, reflecting broad-based strength across multiple regions, particularly in Atlantic Canada and the Prairies.
Regional differences remained pronounced in May 2026. Ontario and British Columbia continued to post year-over-year benchmark price declines, while Saskatchewan, Newfoundland, New Brunswick, and PEI showed the strongest annual benchmark price gains nationally. Prairie markets remained the tightest, with Alberta and Saskatchewan both under 3 months of supply.
Inventory tightened nationally in May 2026, with months of supply falling to 4.8 from 5.3 in April 2026. British Columbia remained the most buyer-friendly provincial market, while Alberta and Saskatchewan stayed in seller's-market territory. Canada entered the early summer 2026 market with improving momentum, balanced nationally but with marked divergence between the tightest Prairie markets and the more balanced conditions across much of the rest of the country.
📊 2026 Canada Housing Market Forecast
The national housing market in 2026 is forecast to see muted sales growth and stagnant national prices, driven by a dynamic conflict between demand (immigrants) and supply-side costs (trade war) that is left unbalanced by a stable interest rate environment.
| Category | Outlook for 2026 | Primary Drivers |
|---|---|---|
| National Average Price | Flat to Slight Decline | High construction costs (trade war) and low buyer confidence counteract sustained immigrant demand. |
| Sales Volume | Muted Recovery | Pent-up demand from established Canadians is constrained by stable, non-stimulative interest rates, leading to smaller-than-expected growth. |
| Supply (New Construction) | Decline | Trade tariffs on building materials will raise construction costs, potentially causing developers to postpone or cancel new projects, worsening the long-term supply shortage. |
| Affordability | Worsens for New Homes | Stable rates keep borrowing costs high, while tariffs add an estimated $30,000−$50,000 to the cost of a new build, increasing the price gap between new and resale homes. |
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.
Breakdown By Region
New Housing Price Index
The New Housing Price Index (NHPI) Overview
The New Housing Price Index (NHPI) is a monthly measure published by Statistics Canada that tracks changes in the selling prices of new residential houses over time. It serves as a vital tool for government agencies, market analysts, and real estate professionals to monitor the construction sector's health.
Key Technical Details:
- Base Period: The index is calculated relative to a base of 100 set in December 2016.
- Geographic Scope: The index covers 27 census metropolitan areas (CMAs) across Canada, providing both national and city-specific data.
- Tax Exclusions: To reflect the true market price of the structure and land, the NHPI prices exclude value-added taxes such as GST and HST.
- Property Types: It specifically measures the prices of newly built single-family homes, semi-detached houses, and townhouses.
- Exclusions: The index does not include resale homes, custom-built homes, or apartment condominiums, which are tracked by different statistical measures.
Other Real Estate Statistics
Homeownership Rate: 66.5% (2021) down from peak of 69% (2011), highest in Newfoundland and Labrador (75.7%) and lowest in Nunavut (19.2%). Ontario and Quebec respectively have homeownership rates of 68.4% and 59.9%.
The national vacancy rate for purpose-built rental apartments rose to 3.1% in late 2025, up from 2.2% in 2024. Vacancy rates for Toronto, Montreal, Vancouver and Calgary are respectively 3%, 2.9%, 3.7% and 5%.
Housing Construction
Housing Starts: The trend is 264,445 units per year; the actual number of housing starts is 21,870 (November 2025). On an annual basis, housing starts are higher by 24% in Montreal, while they are lower by 11% in Toronto and 1% in Vancouver.
Housing Under Construction: As of November 2025, there are 356k residential units under construction. This number includes 298k apartments, 29k detached homes, 22k row houses and 7k semi-detached units.
Housing Completions: During 2023, 188,689 residential units were completed. 2023 completions included 113k apartments, 44k detached homes, 24k row homes and 8k semidetached homes. CMHC have stopped reporting Canada-wide housing completion data.
Investment in Residential Construction: CAD $185.70 billion (November 2024 - October 2025) shows 8.3% annual growth
Investment in Non-Residential Construction: CAD $81.37 billion (November 2024 - October 2025) shows 3.2% annual growth.
Average Rent for a 2-Bedroom Unit
As reported by the CMHC for purpose-built rentals in October 2025
| Region | Average Rent for a 2-Bedroom Unit (Annual Change) |
|---|---|
| Greater Toronto Area, ON | $2,046 (3.4%) |
| Ottawa, ON | $1,926 (3.4%) |
| Vancouver, BC | $2,363 (2.2%) |
| Victoria, BC | $2,120 (5.1%) |
| Montreal, QC | $1,346 (7.2%) |
| Edmonton, AB | $1,603 (3.5%) |
| Calgary, AB | $1,914 (1.7%) |
| Winnipeg, MB | $1,571 (1.9%) |
| Halifax, NS | $1,826 (6.7%) |
| Canada (Cities 10,000+) | $1,550 (5.1%) |
Glossary and Definitions
MLS® Home Price Index (HPI): Developed by the Canadian Real Estate Association (CREA), the MLS® HPI is the most advanced tool for tracking price trends in the Canadian housing market. Rather than using simple average prices, which can be skewed by the mix of homes sold in a given month, the HPI tracks the value of a "Benchmark Home"—a property with typical attributes for its specific neighborhood. This allows for an accurate "apples-to-apples" comparison of home values across different regions and time periods, independent of a property's specific features or seasonal volatility. To ensure the index remains relevant, CREA performs an annual review every May to account for evolving market dynamics.
MLS® HPI Benchmark Price: This is the dollar value assigned to a "typical" home in a specific neighborhood. While the HPI itself is an index number used to track trends, the Benchmark Price translates that data into a real-world dollar figure, representing what a standard home with average features (like square footage, rooms, and lot size) would likely sell for in today's market.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owners of the buildings have leased the land and pay rent to their landlord while owning the building on the land.
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