Major Markets Lose Momentum

Canada’s housing market remained relatively balanced in July 2026, as buyers stayed cautious despite improved borrowing conditions. Sales and new listings slowed across major markets, while prices continued to soften in several regions.

In the Greater Toronto Area, sales fell 0.9% year-on-year, while new listings dropped a much sharper 17.8%. The average selling price declined 4.5% to C$1,003,956, although reduced supply has begun increasing competition among buyers.

Metro Vancouver also slowed, with home sales falling 9.8% year-on-year to 2,061 transactions. New listings declined 11.5%, while the composite benchmark price fell 6.2% year-on-year to C$1,088,800. Apartment sales recorded the largest drop, down 17.8%. 

Quebec Shows a Different Pattern

Quebec also experienced softer transaction activity, with total sales down 6% year-on-year in July. However, active listings increased 19%, giving buyers more choice.

Price trends were more mixed. The median price for single-family homes increased 3% to C$505,000, while plex properties recorded an 8% increase to C$690,000. Condominium activity was weaker, with sales falling 16% and median prices edging down 1%.

The figures highlight how Canada’s housing adjustment is increasingly varying by region and property type.

Outlook

Canada’s market is likely to remain balanced but selective in the near term. Toronto and Vancouver may continue facing price pressure as demand adjusts, although tighter new supply could provide some support.

For buyers and investors, opportunities will increasingly depend on local inventory, property type and pricing, rather than broad national market trends.

The contents of this article were contributed by Yousaf Iqbal, Head of IQI Canada.