{"id":11949,"date":"2026-06-16T20:46:13","date_gmt":"2026-06-16T20:46:13","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=11949"},"modified":"2026-06-18T13:26:46","modified_gmt":"2026-06-18T13:26:46","slug":"delayed-start-to-spring-for-canadas-housing-market","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/monthly-housing-market-update\/delayed-start-to-spring-for-canadas-housing-market\/","title":{"rendered":"Delayed start to spring for Canada\u2019s housing market"},"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 class=\"wp-block-paragraph\">Canada\u2019s housing market picked up in May after a cautious start&nbsp;this&nbsp;spring.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Home resales finally posted meaningful gains, rising 5.5% month-over-month seasonally adjusted, marking the second consecutive monthly uptick and largest jump in a year and a half.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This improvement has brought national resales almost in line with a year ago, though&nbsp;activity remains below pre-pandemic averages nationally&nbsp;and in most major markets.<\/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-AHDuit_F4\" class=\"everviz-AHDuit_F4\" 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 id=\"h-ontario-leads-resales-boost\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-dc975292316cd07cd52e2cf77588104b\">Ontario leads resales boost<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Resale gains were relatively broad-based, but Ontario emerged as a clear standout with an 8.8% increase seasonally adjusted from April. The Greater Toronto Area showed particular strength, with Toronto, Mississauga, and York Region all posting double-digit gains. Nearby markets, like Hamilton-Burlington, Niagara region and Kitchener-Waterloo also recorded increases, though more modest and broadly in line with the national average.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The pickup in Ontario coincides with the <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/canadian-labour-market-data-bounced-back-in-may\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis-11949-349174ae\" data-dig-label=\"recent labour market improvement\" data-dig-action=\"link click\" data-dig-category=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis\" class=\"rbc-link-format\">recent labour market improvement<\/a>\u2014particularly in the GTA\u2014and the formal passing of the province\u2019s new Home HST rebate. The rebate targets new construction, but increased interest in new builds could spillover to the resale market if the policy\u2019s passage improves sentiment. This, along with easing U.S. tariffs and typical spring demand may be contributing to the notable gains.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Winnipeg (up 12.6% m\/m, SA) and Saskatoon (3.7%) also saw momentum, while Regina retreated. Excitement dissipated further west with Edmonton and Calgary seeing little to no improvement\u2014though resales remain meaningfully above pre-pandemic averages. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Like many Ontario markets, those in British Columbia saw renewed interest after prolonged weakness. Resale gains, however, fell short of the double-digit jumps recorded in the GTA and were more in line with the national average.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Quebec showed an uneven picture, with larger markets like Quebec City and Montreal posting gains, while several smaller markets experienced declines. East coast markets generally saw improvement, particularly in Nova Scotia and New Brunswick.<\/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-JCAEjX4IF\" class=\"everviz-JCAEjX4IF\" 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 id=\"h-supply-tightens-modestly\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-9c4e039771068e4462f8db601959625f\">Supply tightens modestly<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">New listings fell marginally -1% m\/m seasonally adjusted after April\u2019s influx. Against the resales uptick, contracting new listings helped tighten the sales-to-new-listings ratio\u2014which increased to 49.2% from 46.2% in April, the highest it\u2019s been this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prairie markets including Regina, Saskatoon, and Winnipeg remain among the tightest alongside Eastern Canada\u2019s Quebec City and Saint John. Tighter supply and demand in these markets are supporting some of the largest annual price gains in the country\u2014though this could change if recently reinvigorated market activity isn\u2019t sustained.<\/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-_ilQjQlr8\" class=\"everviz-_ilQjQlr8\" 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 id=\"h-prices-beginning-to-stabilize-but-condos-remain-under-pressure\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-c0013a81fb1fed06dac99e768be969d9\">Prices beginning to stabilize but condos remain under pressure<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The composite MLS Home Price Index was little changed in May, despite the notable uptick in resale activity. Monthly price moves matched the -0.1% posted between March and April, as abundant inventory provided&nbsp;buyers with ample choice even amid&nbsp;strengthening&nbsp;demand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prices\u2014though stabilizing\u2014remain 4.1% below a year ago nationally, and even lower in Toronto (-6.7%) and Vancouver (-6.2%) where supply-demand conditions remain especially slack. Montreal remains the only of Canada\u2019s six largest market to see annual price gains\u2014though Ottawa is nearing positive territory as well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Condos continue to drag down aggregate prices, still 6.5% below a year ago, and even lower in key B.C. and Ontario markets like Fraser Valley, Vancouver, Kitchener-Waterloo, Toronto and Niagara Region.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Condo price weakness also appears to be migrating to Montreal and Quebec City where recent dips could disrupt the long-running uptrend if supply builds further without a meaningful lift in resales.<\/p>\n\n\n\n<h4 id=\"h-spring-gains-remain-fragile\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-ca89d85b9412225253c8f4c6528cb69b\">Spring gains remain fragile<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">How labour market dynamics, geopolitical tensions, and tariff policy develop will be key factors in shaping the housing market\u2019s trajectory. Our <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/the-economy-is-bruised-not-broken\/\" target=\"_blank\" data-dig-id=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis-11949-349174ae\" data-dig-category=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis\" data-dig-action=\"link click\" data-dig-label=\"base case forecast\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">base case forecast<\/a> assumes these conditions will improve or remain status quo\u2014which should unlock pent-up demand given <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/housing-affordability\/affordability-gains-become-weaker-and-sparser-in-canada\/\" target=\"_blank\" data-dig-id=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis-11949-349174ae\" data-dig-category=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis\" data-dig-action=\"link click\" data-dig-label=\"recent affordability improvements\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">recent affordability improvements<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That said, the downside risks aren\u2019t negligible. Should these headwinds intensify, they could easily prolong the current slowdown and delay any meaningful recovery.<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a3517b70aa59&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a3517b70aa59\" 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--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Housing-M-Jun-16-2026.png\" alt=\"RBC Economics- May market snapshot\" class=\"wp-image-11976\" style=\"width:1170px;height:auto\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Housing-M-Jun-16-2026.png 10979w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Housing-M-Jun-16-2026.png?resize=300,180 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Housing-M-Jun-16-2026.png?resize=768,460 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Housing-M-Jun-16-2026.png?resize=1024,613 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Housing-M-Jun-16-2026.png?resize=1536,920 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Housing-M-Jun-16-2026.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\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\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.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\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-895ec510d1641cffc400e2331b1283d9\" id=\"h-download-the-report\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/RBC-Economics-Delayed-start-to-spring-for-Canadas-housing-market-.pdf\" target=\"_blank\" data-dig-id=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis-11949-afecc435\" 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 wp-block-paragraph\"><strong>About the author:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Rachel Battaglia<\/strong><em>&nbsp;is an Economist at RBC, providing forecasts for the Canadian provincial economies and analyzing key trends in housing and consumer spending.<\/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":11951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[83,38,50],"tags":[115,11,17],"rbc_econ_content_type":[],"class_list":["post-11949","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 v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Delayed start to spring for Canada\u2019s housing market - RBC Economics<\/title>\n<meta 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