Andrew Brown, RBC Mortgage Specialist

05/15/2026

RBC HOUSING MARKET UPDATE:
• Slumping markets like Toronto and Hamilton could be finally turning a corner while previously robust Saskatchewan, Manitoba, parts of Quebec and Atlantic Canada appear to be topping out.
• April saw a notable influx of sellers: New listings rose in two-thirds of urban markets and 4.1% nationwide from March.
• Home values continue to generally depreciate in British Columbia and Ontario, and appreciate in the rest of the country.
• We expect these diverging trends to persist near term

There’s a little bit of everything happening in Canada’s housing market as the busiest house hunting season kicks into high gear.

05/08/2026

RBC HOUSING MARKET UPDATE:
- Local real estate boards’ early results for April continue to show to mixed picture across Canada’s housing markets, but it’s clear more sellers are entering the market.
- Several markets saw home resales increase from March (Toronto, Ottawa, Calgary, Edmonton and the Fraser Valley for example), but activity was still weaker than a year ago for the most part.
- Meanwhile, new listings increased in April from March in most areas that have reported to date. This has led to record levels in some cases, for example in Montreal and Ottawa, which is reshaping supply and demand conditions.
- Buyers still hold stronger negotiating power in Vancouver and Toronto with ample inventory, sustaining ongoing price corrections in Canada’s least affordable areas. That power is shared more evenly with sellers in most other markets, resulting in steadily appreciating home values in parts of the Prairies, Quebec and Atlantic Canada.
- The all-important spring season has yet to deliver a clear boost to housing demand across the country.
- Confidence is still lacking with buyers worrying about many things from the trade war to major geopolitical conflict, a tough job market and strained affordability in parts of the country.
- Odds are the picture will stay mixed until much of the economic uncertainty lifts.

Local real estate boards’ early results for April continue to show to mixed picture across Canada’s housing markets, but it’s clear more sellers are entering the market.

04/17/2026

RBC HOUSING MARKET UPDATE:
• It’s been a soft start to the busiest house hunting season, as buyers feel little urgency to make purchasing decisions.
• The 38,700 resale transactions recorded nationwide in March (unadjusted for seasonality) were the weakest in 17 years for this period.
• The national composite MLS Home Price Index firmly remains on a years-long declining trend, now down 4.7% from a year ago and 20% from the cyclical peak in early-2022.
• Ontario and British Columbia are seeing the more intense competition between sellers and deeper price declines.
• Appreciating price trends are generally holding up in the rest of the country.
• We see market trends continuing to diverge across the country.

It’s been an especially soft start to the busiest house hunting season across most of Canada with 38,700 resales in March (unadjusted for seasonality) the weakest in 17 years for this period.

04/08/2026

Affordability gains become weaker and sparser in Canada.

Housing affordability continues to improve in Canada. RBC’s national aggregate affordability measure eased for an eighth consecutive quarter to 52.4% in Q4 2025 from an all-time high of 63% at the end of 2023. A fall in the measure represents an increase in affordability.

03/17/2026

Great news! We have a new limited time offer that will make the first-time homebuying journey a little easier and more rewarding. Get an eligible RBC mortgage and you could receive up to $4,000 cash for first-time homebuyers and up to 65,000 Avion points. That’s a total value of up to $5,300 to help settle into your home, travel or even put towards your mortgage.

02/26/2026

Canadian homebuyers get cold feet, sellers out in force in January.

Last month was the second weakest start to a year since the global financial crisis with home resales falling 5.8% from December, and a steep 16.2% from January 2025.

02/26/2026

Explore current RBC special mortgage offers. Check back often for first time home buyer offers, switch offers, and other limited time offers.

01/29/2026

Take advantage of the early renewal option at RBC which allows you to renew up to 180 days before your mortgage maturity date, without penalty. There are many other benefits.

Learn the benefits of early mortgage renewal, especially in an uncertain economy.

01/28/2026

On January 28, 2026, the Bank of Canada announced that it is holding its interest rate at 2.25%.

Latest update: The Bank of Canada holds its interest rate at 2.25%.

01/08/2026

INSIGHT -- CANADIAN HOUSING MARKET
• Home resales were subdued in December in most areas around Canada.
• A lackluster finish to 2025 marked the year for Vancouver, Fraser Valley, Calgary, Edmonton, Hamilton, Toronto, and Montreal where momentum has stalled or was heavily constrained since spring or summer.
• Increased inventory—especially in southern Ontario and British Columbia—also was a standout trend in 2025.
• It meant abundantly supplied markets such as Vancouver, Calgary and Toronto saw falling home values, continuing in December.
• Prices in parts of the Prairies, Quebec and Atlantic Canada, however, maintained solid gains in part due to better affordability.

Home resales were subdued in December in most areas around Canada. Adverse weather may have been a factor in some cases, but persistent affordability challenges, economic uncertainty and job market softness have, no doubt, kept many prospective homebuyers at a standstill.