{"id":10712,"date":"2026-05-14T18:43:43","date_gmt":"2026-05-14T18:43:43","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=10712"},"modified":"2026-05-14T18:43:44","modified_gmt":"2026-05-14T18:43:44","slug":"canadas-housing-market-sees-green-shoots-and-stunted-growth-this-spring","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/monthly-housing-market-update\/canadas-housing-market-sees-green-shoots-and-stunted-growth-this-spring\/","title":{"rendered":"Canada\u2019s housing market sees green shoots and stunted growth this spring"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>There\u2019s a little bit of everything happening in Canada\u2019s housing market as the busiest house hunting season kicks into high gear.<\/p>\n\n\n\n<p>Signs have emerged suggesting slumping markets like Toronto and Hamilton could be finally turning a corner at the same time that previously robust Saskatchewan, Manitoba, parts of Quebec and Atlantic Canada appear to be topping out.<\/p>\n\n\n\n<p>Opposing regional developments have been largely a wash from a national perspective.<\/p>\n\n\n\n<p>The number of homes changing hands was little changed overall at 426,900 units (seasonally adjusted and annualized) in April, edging up 0.7% from March.<\/p>\n\n\n\n<p>This represented the third consecutive month of essentially flat activity\u2014 albeit the first one with a slight positive sign in front of it.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-CqCtAZH1D\" class=\"everviz-CqCtAZH1D\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-cb721e2e3f5ac77808ae1fd738c9fd4a\" id=\"h-more-sellers-enter-the-market\">More sellers enter the market<\/h4>\n\n\n\n<p>A common theme across most regions in April was a notable influx of sellers.<\/p>\n\n\n\n<p>New listings rose in two-thirds of urban markets led by Quebec City (12.4% from March), Kitchener-Waterloo (10.5%), Ottawa (10.2%) and Winnipeg (8.2%).<\/p>\n\n\n\n<p>This translated to a 4.1% nationwide increase from March that almost entirely reversed declines earlier this year.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-NElIAwMFT\" class=\"everviz-NElIAwMFT\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-7edf81ff46ddc35c27fbbe309f65fc2b\" id=\"h-buyers-have-more-options-to-choose-from\">Buyers have more options to choose from<\/h4>\n\n\n\n<p>Importantly, the seller influx adds to the inventory of homes for sale, especially in Quebec and Nova Scotia where buyers are gaining bargaining power.<\/p>\n\n\n\n<p>Trends were little changed elsewhere, though. Steady but at decade highs in Ontario and British Columbia, gradually building from low levels in Alberta and New Brunswick, and persistently shrinking in Saskatchewan, Manitoba, and Newfoundland and Labrador.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-IX_DB_riK\" class=\"everviz-IX_DB_riK\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-0555c1841177e52397d8a02d0fa6e0fa\" id=\"h-price-trends-continue-to-diverge\">Price trends continue to diverge<\/h4>\n\n\n\n<p>Home values reflected varied levels from coast to coast. They continue to generally depreciate in B.C. and Ontario, and appreciate in the rest of the country.<\/p>\n\n\n\n<p>That said, April brought a few noteworthy developments. Toronto\u2019s MLS Home Price Index was unchanged from the previous month for the first time in nearly a year. Meanwhile, Calgary and Edmonton\u2019s indexes rose (0.3% and 0.9%, respectively), breaking from year-long strings of declines.<\/p>\n\n\n\n<p>We saw the opposite in Saskatchewan, Montreal, New Brunswick and Nova Scotia, where local indexes dipped last month.<\/p>\n\n\n\n<p>Overall, Canada\u2019s aggregate MLS HPI fell month-over-month for the 15th straight time in April, edging 0.2% lower from March. It was the slowest decline since November, but still down 4.1% from a year ago.<\/p>\n\n\n\n<p>Price dips in Montreal and Nova Scotia could spell the end of long running ascending trends if supply builds further and activity continues to cool.<\/p>\n\n\n\n<p>We\u2019re more hesitant to call the April price stabilization in Toronto a turning point, given the many hurdles this market still faces. Abundant inventory\u2014especially for condos\u2014is poised to maintain fierce seller competition, and downward price pressure near term.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-a00a927922c72fd53e9a9d26bcad936e\" id=\"h-uncertain-and-uneven-outlook\">Uncertain and uneven outlook<\/h4>\n\n\n\n<p>Canada\u2019s housing market could take different directions from here depending on how the broad macroeconomic landscape unfolds.<\/p>\n\n\n\n<p>Lower prices, improving affordability and better job prospects have the potential to unlock pent-up demand, bring more buyers to market, drain some of the inventory, and put the recovery back on track.<\/p>\n\n\n\n<p>Then, there\u2019s also a risk that persistent gloom arising from geopolitical events, spiking energy prices, and renewed deterioration in the job market prolongs the slump. With interest rates unlikely to fall further and immigration cuts cooling housing demand, a rebound in activity could also be delayed.<\/p>\n\n\n\n<p>The next few months will hopefully bring clarity on the outlook. Meanwhile, we see market trends continuing to diverge across the country, keeping the national picture stagnant at best.<\/p>\n\n\n\n<p>We expect abundant inventory sustaining downward price pressure in Ontario and B.C. near term, while tighter supply-demand support boost modest appreciation in most other regions.<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a066169ed560&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a066169ed560\" class=\"wp-block-image size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"10979\" height=\"6577\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/Housing-M-table-May-2026-.png?quality=80\" alt=\"\" class=\"wp-image-10718\" style=\"width:1170px;height:auto\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/Housing-M-table-May-2026-.png 10979w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/Housing-M-table-May-2026-.png?resize=300,180 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/Housing-M-table-May-2026-.png?resize=768,460 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/Housing-M-table-May-2026-.png?resize=1024,613 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/Housing-M-table-May-2026-.png?resize=1536,920 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/Housing-M-table-May-2026-.png?resize=2048,1227 2048w\" sizes=\"auto, (max-width: 10979px) 100vw, 10979px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-rbc-bright-blue-color has-text-color has-link-color wp-elements-976bcca048880e6f7d9ab033fc1f395e\" id=\"h-download-the-report\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/05\/Canadas-housing-market-sees-green-shoots-and-stunted-growth-this-spring-.pdf\" target=\"_blank\" data-dig-id=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis-7311-137258b8\" data-dig-category=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis\" data-dig-action=\"link click\" data-dig-label=\"Download the Report\" class=\"rbc-link-format rbc-link-format pdf-link\" data-icon-class=\"pdf-link\" rel=\"noreferrer noopener\">Download the Report<\/a><\/h3>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center\"><strong>About the Author:<\/strong><\/p>\n\n\n\n<p><em><strong>Robert Hogue<\/strong><em>&nbsp;is the Assistant Chief Economist responsible for providing analysis and forecasts on the Canadian housing market and provincial economies.<\/em><\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":3099,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,38,50],"tags":[115,11,17],"rbc_econ_content_type":[],"class_list":["post-10712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-canadian-housing","category-monthly-housing-market-update","tag-canada","tag-economy","tag-housing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Canada\u2019s housing market sees green shoots and stunted growth this spring - RBC Economics<\/title>\n<meta name=\"robots\" content=\"index, follow, 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