Canadian Housing Market Report

*Seasonally Adjusted

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

Canada’s housing market looked somewhat steadier in March 2026, with prices continuing to edge up from February 2026 even as sales remained below March 2025 levels. The national average home price rose to $673,084, up 1.4% month-over-month from $663,828 in February 2026, though it was still 0.8% lower than the $678,668 recorded in March 2025.

The national benchmark home price increased to $664,400 in March 2026 from $661,300 in February 2026, a 0.5% monthly gain, but remained 4.7% below March 2025. That marks a second straight monthly increase in the national benchmark, suggesting the price correction that dominated much of late 2025 and early 2026 may be starting to level out as the spring market begins, even though affordability pressures are still limiting demand. Over the past few years, Canada’s benchmark home price has typically increased monthly from December until May of each year. With 4.7 months of inventory in March 2026, national market conditions remained fairly balanced.

Note: Sales are seasonally adjusted

Nationally, 35,539 homes were sold on a seasonally-adjusted basis in March 2026, down 0.4% from 35,680 in February 2026 and 3.4% below the 36,789 homes sold in March 2025. Even so, the national picture was mixed rather than uniformly weak. Ontario, British Columbia, Alberta, Quebec, Saskatchewan, Manitoba, Nova Scotia, New Brunswick, and Newfoundland are all posting month-over-month sales gains. Year-over-year, sales were still lower in most provinces, although Quebec and Newfoundland recorded increases from March 2025.

Inventory conditions loosened somewhat in March 2026, with national months of supply rising to 4.7 from 4.3 in February 2026, suggesting that active listings continued to build relative to sales even as market activity stabilized.

Quebec reached another all-time high in its benchmark home price in March 2026, rising to $549,400. This marks the third consecutive month of record benchmark pricing for Quebec.

Benchmark prices were again mostly positive on a month-over-month basis in March 2026. Nationally, the benchmark rose 0.5% from February 2026, although it remained 4.7% lower than in March 2025.

Year-over-year benchmark declines were still the largest in Ontario (-6.5% versus March 2025), British Columbia (-5.8%), and Alberta (-3.5%). By contrast, Newfoundland (+9.3% versus March 2025), Saskatchewan (+6.5%), Quebec (+5.8%), and New Brunswick (+4.6%) continued to post some of the strongest annual benchmark gains in Canada. Nova Scotia (+3.6%) and PEI (+2.8%) also remained positive on a year-over-year basis, with both provinces posting monthly benchmark increases in March 2026.

One notable theme in March 2026 was that benchmark growth remained firmer than average price growth in several provinces, especially in Newfoundland, Saskatchewan, Nova Scotia, and PEI. Nationally, the average home price was down 0.8% year-over-year, while the benchmark was down a steeper 4.7%, suggesting that higher-priced transactions and sales mix were still lending more support to the national average than to typical home values.

Months of supply was 4.7 months nationally in March 2026. Canada remained broadly balanced, although conditions continued to vary significantly by region.

PEI (7.5 months) and British Columbia (6.8 months) remained among the most buyer-friendly markets in Canada in March 2026.

New Brunswick (5.0 months), Nova Scotia (4.8 months), Newfoundland (4.8 months), and Ontario (4.6 months) sat in more balanced territory. Quebec (3.9 months) leaned somewhat tighter, while Saskatchewan (2.9 months) and especially Alberta (2.8 months) remained the tightest markets.

Note: Calculated as actual active listings/actual sales for the month

Today's Mortgage Rates

As of April 28, 2026

	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%	4.72%	4.58%	4.58%	4.52%	3.99%
30-Days Change of Average Rates	0 bps higher	10 bps higher	5 bps higher	3 bps higher	3 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	%	4.72%	10 bps higher
undefined-Year Fixed	%	4.58%	5 bps higher
undefined-Year Fixed	%	4.58%	3 bps higher
undefined-Year Fixed	%	4.52%	3 bps higher
undefined-Year Variable	%	3.99%	0 bps higher

The basket of 10 lenders includes: , BMO, TD, Scotiabank, RBC, National Bank, Desjardins, nesto, Tangerine, First National.

Home prices in British Columbia's housing market continued to firm in March 2026. The average home price increased 0.8% from February 2026 to $939,846 in March 2026, though it was still 2.0% below the $959,236 recorded in March 2025.

Home sales in British Columbia climbed to 5,766 in March 2026, up 27.7% from 4,516 in February 2026, while remaining 3.6% lower than the 5,983 sales recorded a year earlier. Despite that pickup in activity, British Columbia remained one of Canada's more buyer-friendly housing markets, with 6.8 months of inventory in March 2026. That was down from 7.8 months in February 2026, pointing to somewhat tighter conditions, but inventory levels were still relatively loose by national standards. Greater Vancouver's average home price for March 2026 was $1,201,123, down 3.1% year-over-year. Meanwhile, Victoria's housing market had an average home price of $1,027,854 in March 2026, up 4.0% year-over-year.

Quebec remained one of Canada’s firmer housing markets in March 2026, although price growth cooled from the stronger pace seen in February 2026. The average home price rose to $557,358, up 0.8% from $552,983 in February 2026 and up 5.2% from $529,642 in March 2025.

Quebec home sales reached 10,007 in March 2026, rising 21.1% from 8,266 in February 2026 and 3.5% above the 9,665 transactions recorded in March 2025. That continued strength in demand helped tighten market conditions further, with months of inventory falling to 3.9 in March 2026 from 4.4 in February 2026.

Quebec City also remained resilient. The average home price was $483,620 in March 2026, down 3.2% from $499,628 in February 2026 but still 8.9% higher than the $444,069 recorded in March 2025. Sales totalled 1,102 in March 2026, up 4.9% from 1,051 in February 2026 and 7.8% above the 1,022 sales recorded a year earlier.

The Montreal housing market saw its average home price rise 5.1% annually to $656,807 for March 2026.

Alberta

Alberta’s housing market tightened further in March 2026, with prices rising again, sales picking up, and inventory conditions becoming even more constrained. The average home price increased 2.3% month over month to $533,201 from $521,364 in February 2026 and was 1.6% higher than the $524,755 recorded in March 2025.

Sales climbed to 6,007 in March 2026, up 27.4% from 4,716 in February 2026 and down 13.0% from March 2025. New listings totalled 10,635, leaving the sales-to-new-listings ratio at 56% in March 2026, unchanged from February 2026. With just 2.8 months of supply, Alberta remained one of the tightest provincial housing markets in Canada and continued to stand out as one of the country’s clearest seller’s markets.

The average home price in Calgary was at $641,844, up 0.4% year-over-year, while Edmonton home prices had a 2.2% annual increase to $470,819. Calgary home sales are down 12.9% year-over-year, while Edmonton home sales are down 14.5% year-over-year.

Saskatchewan

Saskatchewan’s housing market strengthened sharply in March 2026, with both prices and sales posting solid monthly gains. The average home price rose to $354,338 in March 2026, up 6.0% from $334,166 in February 2026 and 4.2% higher than in March 2025. Saskatchewan’s benchmark price was $374,100 in March 2026. Sales climbed to 1,256 in March 2026, up 52.2% from 825 in February 2026 and down just 1.0% from a year earlier. New listings totalled 1,808, leaving the sales-to-new-listings ratio at 69% in March 2026. With 2.9 months of supply, Saskatchewan remained one of the tighter provincial housing markets in Canada.

Saskatoon’s housing market also picked up considerably. The average home price rose to $454,246 in March 2026, up 14.1% from $398,104 in February 2026 and 14.0% higher than in March 2025. Sales increased to 481 in March 2026, up 44.9% from 332 in February 2026, though still 8.0% lower than a year earlier.

Regina also saw stronger activity in March 2026. The average home price increased to $340,183, up 3.5% from $328,646 in February 2026, while sitting 1.0% below March 2025 levels. Sales totalled 406 in March 2026, rising 55.6% from 261 in February 2026 and matching year-ago levels.

Manitoba

Manitoba’s housing market picked up further in March 2026, with both prices and sales moving notably higher from February 2026. The average home price reached $405,514, a 5.5% increase from $384,367 in February 2026 and 1.6% above the $399,132 recorded in March 2025. Sales rose to 1,196 in March 2026, up 42.6% from 839 in February 2026, though still 4.4% lower than the 1,251 sales recorded a year earlier. New listings totalled 1,852, and the sales-to-new-listings ratio was 65% in March 2026, little changed from 66% in February 2026.

Nova Scotia

Nova Scotia’s housing market continued to stabilize in March 2026, with prices edging higher and sales building on February’s rebound. The average home price rose 2.3% month over month to $478,667 from $467,926 in February 2026 and was essentially flat from a year earlier, up 0.2% from $477,900 in March 2025.

Sales reached 747 in March 2026, up 19.7% from 624 in February 2026 but still 8.3% lower than March 2025 levels. New listings came in at 1,361, while the sales-to-new-listings ratio eased to 55% from 67% in February 2026. With 4.8 months of inventory in March 2026, Nova Scotia remained in relatively balanced territory. In Halifax’s housing market, the average price rose to $610,101 in March 2026, up 2.5% from February 2026 and 1.5% above March 2025.

Prince Edward Island

PEI’s housing market lost some momentum in March 2026. The average home price slipped to $416,973, down 1.3% from $422,667 in February 2026 and 0.5% below the $419,000 recorded in March 2025. Sales were little changed at 128 in March 2026, compared with 129 in February 2026, but were down 19.5% from 159 a year earlier. New listings rose to 303, pushing the sales-to-new-listings ratio down to 42% from 61% in February 2026. PEI remained one of Canada’s loosest housing markets, with 7.5 months of inventory in March 2026, up from 6.9 months in February 2026.

New Brunswick

New Brunswick’s average home price was $341,295 in March 2026, down 3.1% from $352,045 in February 2026. On a benchmark basis, the province’s benchmark home price was $329,400 in March 2026, down 0.3% from February 2026 and 4.6% above March 2025. Sales totalled 597 in March 2026, up 17.3% from 509 in February 2026. New listings reached 1,271, leaving the sales-to-new-listings ratio at 47% in March 2026. With 5.0 months of supply, New Brunswick remained broadly balanced.

The average home prices in New Brunswick’s major cities in March 2026 were:

• Fredericton at $362,934 (sales: 153)
• Moncton at $367,115 (sales: 222)
• Saint John at $366,388 (sales: 122)

Newfoundland and Labrador

Newfoundland’s housing market regained momentum in March 2026. The average home price rose to $352,854, up 6.0% from $332,983 in February 2026 and effectively unchanged from March 2025, up just 0.1% from $352,370. The benchmark price stood at $334,000 in March 2026. Sales climbed to 357 in March 2026, up 31.3% from 272 in February 2026 and 5.3% higher than a year earlier. New listings totalled 617, leaving the sales-to-new-listings ratio at 58% in March 2026. With 4.8 months of inventory, Newfoundland moved into more balanced territory in March 2026.

The sales picture across Canada in March 2026 still looked mixed, but the broad month-over-month rebound carried further into the spring market. All provinces, with the exception of PEI, posted solid monthly gains in sales, while PEI was essentially flat. That pattern suggests January 2026’s weakness did, in many markets, understate underlying demand.

Regional differences also remained pronounced in March 2026, though the gap narrowed somewhat. Ontario and British Columbia were still among the softer major markets on a year-over-year price basis, while Quebec, Saskatchewan, Manitoba, Alberta, and much of Atlantic Canada continued to show firmer price trends. In other words, affordability pressures still appeared to be weighing more heavily on the country’s most expensive provinces, even as activity improved.

Inventory tightened in several markets in March 2026, especially in British Columbia, Ontario, Quebec, Nova Scotia, Newfoundland, Alberta, and Saskatchewan. British Columbia and PEI still ranked among the loosest provincial markets, while Alberta and Saskatchewan remained the tightest. That left Canada entering spring 2026 with a familiar split: tighter Prairie and Quebec markets on one side, and more buyer-friendly conditions in parts of B.C. and Atlantic Canada on the other.

📊 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.

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.