Canadian Housing Market Report

*Seasonally Adjusted

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

Canada’s housing market showed signs of stabilization in February 2026, as prices rebounded modestly from January 2026 while sales remained below February 2025 levels. The national average home price rose to $663,828, up 1.7% month-over-month from $652,941 in January 2026, leaving it just 0.2% lower than in February 2025.

The national benchmark home price increased to $661,300 in February 2026, up 0.5% from $657,800 in January 2026 but still 4.8% lower than in February 2025. The 0.5% monthly gain ended the benchmark decline seen through late 2025 and January 2026, when January 2026’s benchmark price was the lowest since early 2021 and saw it decline for eight months in a row, suggesting that the national price reset may be starting to ease as we head into spring, even as affordability constraints continue to weigh on demand.

Note: Sales are seasonally adjusted

Nationally, 35,680 homes were sold in February 2026, down 1.4% from 36,186 in January 2026 and 7.8% below the 38,681 homes sold in February 2025. While activity remained softer than in February 2025, February 2026 was more stable than January 2026 in several major markets, with Ontario, British Columbia, and Quebec all posting notable month-over-month sales rebounds. However, sales are down year-over-year in all provinces, except for PEI, which saw sales increase 3.2% year-over-year.

Inventory conditions loosened in February 2026, with national months of supply rising to 4.3 from 3.9 in January 2026, suggesting that listings increased relative to sales as buyer demand remained subdued.

Quebec reached another all-time high in its benchmark home price in February 2026, rising to $547,800. This marks the second consecutive month of record benchmark pricing, following January 2026.

PEI's average home price also hit a new record high in February 2026 at $422,667, reflecting continued strength in higher-value transaction activity even as benchmark prices softened slightly from January 2026.

Benchmark prices were mostly positive month-to-month across provinces in February 2026. Nationally, the benchmark rose 0.5% from January 2026, though it remained 4.8% lower than in February 2025.

Annual benchmark declines remained most pronounced in Ontario (-6.7% versus February 2025), British Columbia (-5.6%), and Alberta (-3.1%). Meanwhile, Newfoundland (+7.7% versus February 2025), Quebec (+6.9%), Saskatchewan (+6.3%), and New Brunswick (+5.2%) continued to post some of the strongest year-over-year benchmark gains in Canada. Nova Scotia (+1.4%) and PEI (+2.1%) also remained positive on a year-over-year benchmark basis, although PEI's benchmark slipped month-over-month from January 2026.

One of the clearest themes in February 2026 was the widening gap between average and benchmark price performance in some provinces. Nationally, the average home price was nearly flat year-over-year at -0.2% versus February 2025, while the benchmark remained down much more sharply at -4.8%, suggesting that sales composition and higher-value transactions continue to support the national average even as typical home values, reflected in the benchmark price, remain below February 2025 levels.

Months of supply was 4.3 months nationally in February 2026. Canada remained broadly balanced, although conditions continued to vary significantly by region.

British Columbia (7.8 months) and PEI (6.9 months) remained among the most buyer-friendly markets in Canada in February 2026, while Newfoundland (6.1 months) also leaned looser.

Ontario (5.3 months), Nova Scotia (5.3 months), and New Brunswick (5.1 months) sat in more balanced territory. Quebec (4.4 months), Saskatchewan (4.3 months), and especially Alberta (3.2 months) remained tighter.

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

Home prices in British Columbia's housing market strengthened modestly in February 2026, although benchmark values were essentially flat month-over-month. The average home price rose 0.9% from January 2026 to $932,243 in February 2026, but remained 2.9% lower than the $960,572 recorded in February 2025. The benchmark price was effectively unchanged at $885,900 in February 2026 compared with $886,200 in January 2026, leaving it 5.6% lower than in February 2025.

Home sales in BC rose to 4,516 in February 2026, up 36.3% from 3,314 in January 2026, but still down 9.7% from 4,999 in February 2025. Even with that rebound in activity, British Columbia remained one of Canada's most buyer-friendly markets, with 7.8 months of supply in February 2026. Compared with 9.8 months of supply in January 2026, conditions did tighten, but the province still had among the loosest inventory levels in the country. Greater Vancouver's average home price for February 2026 was $1,206,180, down 1.5% year-over-year.

Quebec remained one of Canada’s strongest housing markets in February 2026. The average home price rose to $552,983, up 2.8% from $538,121 in January 2026 and 7.3% from $515,341 in February 2025. The benchmark home price climbed to a record $547,800 in February 2026, up 2.4% from January 2026 and 6.9% higher than in February 2025.

Sales totalled 8,266 in February 2026, surging 62.3% from 5,094 in January 2026 and sitting just 1.9% below the 8,429 sales recorded in February 2025. That was one of the strongest month-over-month recoveries among the larger provinces and helped tighten market conditions significantly, with months of supply dropping to 4.4 in February 2026 from 6.6 in January 2026.

Quebec City’s housing market was especially strong. The average home price rose to $499,628 in February 2026, up 8.4% from $461,034 in January 2026 and 11.9% from $446,597 in February 2025. Sales totalled 1,051 in February 2026, up 101.3% from 522 in January 2026 and 1.4% above the 1,037 sales recorded in February 2025.

The Montreal housing market saw its average home price rise 6.1% annually to $656,708 for February 2026.

Alberta

Alberta’s housing market strengthened in February 2026, with prices, sales, and market tightness all moving higher. The average home price rose 1.6% month-over-month to $521,364 from $513,162 in January 2026 and was 2.3% higher than the $509,468 recorded in February 2025. The benchmark price increased to $504,500 in February 2026, up 1.0% from $499,300 in January 2026, although it remained 3.1% lower than in February 2025.

Sales rose to 4,716 in February 2026, up 29.7% from 3,637 in January 2026. New listings totalled 8,484, bringing the sales-to-new-listings ratio up to 56% in February 2026 from 47% in January 2026. With just 3.2 months of supply, Alberta remained one of the tightest provincial markets in Canada and continued to stand out as a seller’s market despite still-negative benchmark growth versus February 2025.

Average home prices in Calgary were at $627,776, up 2.4% year-over-year, while Edmonton home prices had a 1.2% annual increase to $454,801. Calgary home sales are down 11% year-over-year, while Edmonton home sales are down 12% year-over-year.

Saskatchewan

Saskatchewan’s average home price was $334,166 in February 2026, up 0.2% from $333,574 in January 2026 but down 3.3% from February 2025. The benchmark price rose to $363,800 in February 2026, up 1.2% from $359,500 in January 2026 and 6.3% higher than in February 2025. Sales rose to 825 in February 2026, up 15.9% from 712 in January 2026, though still down 16.0% from February 2025. New listings totalled 1,192, lifting the sales-to-new-listings ratio to 69% in February 2026 from 57% in January 2026. At 4.3 months of supply in February 2026, Saskatchewan remained relatively tight.

Saskatoon’s average home price fell to $398,104 in February 2026, down 4.1% from January 2026 and 7.0% from February 2025. Sales rose to 332 in February 2026, up 8.1% from 307 in January 2026, though down 20.0% from February 2025.

Regina’s average home price rose to $328,646 in February 2026, up 4.2% from $315,420 in January 2026 and flat compared with February 2025. Sales totalled 261 in February 2026, up 25.5% from 208 in January 2026, though also down 20.0% from February 2025.

Manitoba

Manitoba saw its average home price rise to $384,367, up 2.8% from $373,802 in January 2026 and 0.5% from $382,440 in February 2025. Sales climbed to 839 in February 2026, up 38.7% from 605 in January 2026, though still 11.1% below the 944 sales recorded in February 2025. New listings reached 1,263 in February 2026, and the sales-to-new-listings ratio rose to 66% from 44% in January 2026, pointing to firmer conditions and a stronger absorption pace than at the start of 2026.

Nova Scotia

Nova Scotia’s housing market rebounded in February 2026 after a weak January 2026. The average home price rose 7.5% month-over-month to $467,926 from $435,387 in January 2026 and was 3.5% higher than the $451,969 recorded in February 2025. The benchmark price increased to $423,700 in February 2026, up 1.4% from January 2026 and 1.4% above February 2025.

Sales totalled 624 in February 2026, up 25.8% from 496 in January 2026 but down 8.2% from February 2025. New listings reached 926, lifting the sales-to-new-listings ratio to 67% in February 2026 from 50% in January 2026. Months of supply came in at 5.3 in February 2026, indicating a more balanced market. In Halifax’s housing market, the average price rose to $594,940 in February 2026, up 4.4% from $569,778 in January 2026 and 0.7% above February 2025.

Prince Edward Island

PEI’s average home price rose to a record $422,667 in February 2026, up 1.2% from $417,830 in January 2026 and 13.0% from $373,993 in February 2025. However, the benchmark home price edged down to $369,100 in February 2026, a 0.7% monthly decline from $371,700 in January 2026, though it remained 2.1% higher than in February 2025.

Sales totalled 129 in February 2026, up 46.6% from 88 in January 2026 and 3.2% above the 125 sales recorded in February 2025 — making PEI the only province to post a year-over-year increase in home sales in February 2026. New listings came in at 211, lifting the sales-to-new-listings ratio to 61% from 38% in January 2026. Even with the sales rebound, PEI remained one of Canada’s looser markets with 6.9 months of supply in February 2026. The divergence between the record average price and softer benchmark suggests that February 2026’s strength was influenced at least in part by a more expensive mix of homes sold.

New Brunswick

New Brunswick’s average home price was $352,045 in February 2026, up 6.7% from $329,850 in January 2026. On a benchmark basis, the province’s benchmark home price rose to $330,300 in February 2026, up 0.3% from $329,400 in January 2026 and 5.2% above February 2025. Sales totalled 509 in February 2026, up 11.9% from 455 in January 2026. New listings reached 862, leaving the sales-to-new-listings ratio at 59% in February 2026. With 5.1 months of supply, New Brunswick remained broadly balanced.

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

• Fredericton at $378,745 (sales: 118)
• Moncton at $405,583 (sales: 183)
• Saint John at $352,795 (sales: 94)

Newfoundland and Labrador

Newfoundland’s average home price was $332,983 in February 2026, down 4.4% from $348,366 in January 2026 but still 7.5% higher than the $309,844 recorded in February 2025. The benchmark price was $328,100 in February 2026, down 1.8% from $334,000 in January 2026 but 7.7% higher than in February 2025. Sales totalled 272 in February 2026, down 5.6% from 288 in January 2026 and 20.0% below February 2025. New listings reached 449, bringing the sales-to-new-listings ratio to 61% in February 2026. At 6.1 months of supply, Newfoundland remained on the buyer-friendly side of balanced conditions, although benchmark price growth continued to rank among the strongest in Canada.

Sales were still down year-over-year nationally and in most provinces, but the month-over-month pickup in Ontario, British Columbia, Alberta, Quebec, Nova Scotia, PEI, and Manitoba suggests that January 2026 likely understated underlying activity.

The biggest divide in Canada remained regional in February 2026. Ontario and British Columbia were still seeing the largest benchmark price declines versus February 2025, while Quebec, Saskatchewan, and much of Atlantic Canada continued to post positive year-over-year benchmark growth. That split suggests affordability pressure is still weighing most heavily on Canada’s most expensive markets.

Another notable theme in February 2026 is that inventory tightened almost everywhere. National months of supply fell from 4.9 in January 2026 to 4.3 in February 2026, and the pullback was especially sharp in Quebec, Ontario, British Columbia, Nova Scotia, and PEI. If that trend continues into spring 2026, it could put a firmer floor under prices even if sales remain below 2025 levels.

📊 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.