Canada's housing market stayed quiet in February, with national sales slipping 1.3% month-over-month as winter weather and economic uncertainty kept buyers on the sidelines. The Numbers at a Glance Metric February Change Home Sales 32,180 -1.3% MoM / -8.2% YoY Average Price $676,640 -1.2% MoM / -3.4% YoY MLS HPI Benchmark $713,200 — New Listings 58,400 +12.4% Months of Inventory 4.8 — Sales-to-New Listings 55.1% — Market Condition Balanced Market ⚖️ — What Drove the Numbers Lingering economic uncertainty from global trade tensions Buyers waiting for spring inventory to build Sellers listing more aggressively — new listings up 12.4% nationally Stable interest rates providing a floor for confidence Immigration-driven demand concentrated in Calgary and secondary markets Rate Context Current best mortgage rates: 3.94% fixed / 3.50% variable (prime at 4.45%). The next Bank of Canada rate announcement is April 29, 2026. Regional Breakdown Region Sales YoY Change Avg. Price Price Change Greater Toronto (GTA) 4,037 -12.4% YoY $1,067,900 -1.8% MoM Greater Vancouver 1,827 -9.1% YoY $1,156,200 -0.9% MoM Calgary 2,148 +3.2% YoY $582,400 +0.4% MoM Ottawa 1,012 -5.8% YoY $634,500 -1.1% MoM Montreal 3,284 -2.1% YoY $548,300 -0.6% MoM Greater Toronto (GTA) Sales: 4,037 (-12.4% YoY) Average price: $1,067,900 (-1.8% MoM) Condo segment continues to drag — prices down 3.2% monthly. Detached held flat. Inventory at 4.2 months, up from 2.8 a year ago. Greater Vancouver Sales: 1,827 (-9.1% YoY) Average price: $1,156,200 (-0.9% MoM) Townhomes remain the sweet spot — detached softening, condos sitting. Buyers have time and choice. Calgary Sales: 2,148 (+3.2% YoY) Average price: $582,400 (+0.4% MoM) The outlier — interprovincial migration from Ontario and BC continues to prop up demand and prices. Ottawa Sales: 1,012 (-5.8% YoY) Average price: $634,500 (-1.1% MoM) Federal hiring freeze dampening demand. First-time buyers finding more options. Montreal Sales: 3,284 (-2.1% YoY) Average price: $548,300 (-0.6% MoM) Still the most affordable major metro. Sales holding up better than the national average. What This Means for You Buyers More listings and flat prices mean more choice and negotiating power. If you're pre-approved, you're in a strong position heading into spring. > Not sure what you'd qualify for at today's rates? Get pre-approved in 24 hours → Sellers The days of multiple offers are over in most markets. Price to market from day one — overpriced listings are sitting 60+ days. Investors Rental yields remain strong in secondary markets (Edmonton, Winnipeg, Halifax) where cap rates exceed 5%. Toronto and Vancouver cap rates still compressed below 4%. Understanding the Market Indicators Sales-to-new-listings ratio below 40% = buyer's market, 40-60% = balanced, above 60% = seller's market. At 55.1%, we're in Balanced Market territory nationally. Months of inventory at 4.8 months is up from the 2-3 months we saw during the pandemic boom, but still historically moderate. What's Next? Spring is typically when the market wakes up. Watch for the CREA March data release in mid-April and the next BoC announcement on April 29, 2026 as the two biggest catalysts. Follow our monthly affordability reports for the income-qualification view of each city. Ready to Get Started? Contact us today for personalized mortgage advice and competitive rates. Get Pre-Approved Call (416) 822-7357 Frequently Asked Questions What's Next? Spring is typically when the market wakes up. Watch for the CREA March data release in mid-April and the next BoC announcement on April 29, 2026 as the two biggest catalysts. Follow our monthly affordability reports for the income-qualification view of each city.
