{"id":12983,"date":"2026-07-15T20:15:10","date_gmt":"2026-07-15T20:15:10","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=12983"},"modified":"2026-07-15T20:15:11","modified_gmt":"2026-07-15T20:15:11","slug":"canadas-housing-market-takes-another-small-step-towards-recovery","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/monthly-housing-market-update\/canadas-housing-market-takes-another-small-step-towards-recovery\/","title":{"rendered":"Canada\u2019s housing market takes another small step towards recovery"},"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\">The emerging market recovery in Canada appears to be holding\u2014albeit just barely. A 0.5% rise in home resales in June from May extended the winning streak to three months, but marks a sharp deceleration from the robust 5.5% advance the previous month.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many prospective homebuyers remain hesitant to enter the market still facing many challenges including bruised confidence, uncertain job prospects, and strained affordability in parts of the country.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At 456,200 units (seasonally adjusted and annualized), June\u2019s transactions were 12% below the 10-year average. There\u2019s a long road ahead in the recovery.<\/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-6D0klZqn5\" class=\"everviz-6D0klZqn5\" 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-tentative-turnaround-signs-in-ontario-and-b-c\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-e430d89b9c4bdeceaa077185d093bd43\">Tentative turnaround signs in Ontario and B.C.<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Regionally, there are signs Ontario and British Columbia are finally coming out of their slumber.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Transactions have picked up in both provinces this spring after disappointing pullbacks in the winter. Activity is now up from a year ago in Toronto and Vancouver.<\/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-dmjhaP34l\" class=\"everviz-dmjhaP34l\" 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-stabilizing-inventory-paves-the-way-for-ending-price-correction\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-5460cb9226ac231d272710472aec478e\">Stabilizing inventory paves the way for ending price correction<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">A noteworthy development this year has been stabilizing inventory, especially in Ontario and B.C. where active listings reached decades highs in 2025. That continued in June.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Seller competition is beginning to ease as result in some softer markets. There are signs that rebalancing negotiating power could be steadying home values in parts of Southern Ontario, including the Greater Toronto Area.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Indeed, the MLS Home Price Index in June rose month-over-month for the first time in more than a year in the GTA. Hamilton, Kitchener-Waterloo and Windsor also recorded small monthly gains. However, prices continue to be well below what they were a year ago in almost all Ontario markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The situation is similar in B.C. with the MLS HPI steadying in the last two months in Vancouver, and rising slightly in the Okanagan Valley. But, the correction in the Fraser Valley is ongoing.<\/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-MoAPQUrOg\" class=\"everviz-MoAPQUrOg\" 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-still-broadly-rise-outside-ontario-and-b-c\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-f89e7775a300ed80746ad91070f15f97\">Prices still broadly rise outside Ontario and B.C.<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Trends in other regions are little changed for the most part.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Home values continue to appreciate in Saskatchewan, Manitoba, Quebec and some Atlantic Canada markets, reflecting balanced or tight supply and demand. The rate of increase, however, is generally moderating due to either slower resales (Manitoba, Quebec, New Brunswick, Nova Scotia), an influx of sellers (Saskatchewan, Manitoba, Quebec) or rising inventory (Quebec, New Brunswick, Nova Scotia).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Calgary prices could be turning a corner. Its MLS HPI rose m\/m for the second time in three months in June on slightly stronger demand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Edmonton home values aren\u2019t there yet, though. The local index continues to decline modestly.<\/p>\n\n\n\n<h4 id=\"h-national-price-index-stops-declining\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-232a152a1bf2a93596737067dddc2f7f\">National price index stops declining<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Steadying prices in Toronto and Vancouver, and offsetting movements in the rest of the country have stemmed the decline in the Canada-wide MLS HPI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The index was unchanged June from May for the first time in 17 months.<\/p>\n\n\n\n<h4 id=\"h-unlocking-pent-up-demand-will-be-key-to-sustaining-recovery\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-faa3d46cddabd1662626d4bd669df2f5\">Unlocking pent-up demand will be key to sustaining recovery<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">We expect a gradual, but uneven path forward for Canada\u2019s housing market. We see lower prices in some areas, improving affordability and better job prospects slowly unlocking pent-up demand, bringing more buyers to market and draining some inventory. Early signs of stabilization in Ontario and B.C. are encouraging.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But, there continues to be a risk that gloom arising from geopolitical events, another energy price spike, or renewed job market deterioration prolongs the slump.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With interest rates unlikely to fall further and immigration cuts cooling housing demand, a sustained rebound in activity could be delayed.<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a58627f3f272&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a58627f3f272\" 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\/07\/Housing-M-table-1.png?quality=80\" alt=\"June Market snapshot of the monthly housing update in Canada\" class=\"wp-image-12997\" style=\"width:1170px;height:auto\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Housing-M-table-1.png 10979w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Housing-M-table-1.png?resize=300,180 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Housing-M-table-1.png?resize=768,460 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Housing-M-table-1.png?resize=1024,613 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Housing-M-table-1.png?resize=1536,920 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Housing-M-table-1.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-e9cd3c5a018d75e75f0dc93cd5bc9bcc\" id=\"h-download-the-report\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Monthly-Housing-Update-July26.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>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":345,"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":[38,50],"tags":[115,11,17],"rbc_econ_content_type":[],"class_list":["post-12983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","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>Canada\u2019s housing market takes another small step towards recovery - RBC Economics<\/title>\n<meta name=\"robots\" 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