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Canada's Housing Market Finally Catches Its Spring Momentum
A delayed spring season is giving way to a busier summer, as Royal LePage's latest survey shows national home prices holding steady after a rocky start to 2026
Published: July 14, 2026
After a slow winter and lingering economic unease, Canada's spring housing market finally began finding its footing in May, with that renewed momentum carrying into June, according to Royal LePage's newly released House Price Survey and Market Forecast for the second quarter of 2026.
The national aggregate home price dipped 1.4 per cent year over year to $814,900 in the second quarter, though it barely moved on a quarterly basis, edging up just 0.2 per cent from the first quarter. Royal LePage president and CEO Phil Soper said many buyers who sat out earlier in the year are now re-entering the market, though a persistent backdrop of economic uncertainty continues to keep the pace measured rather than urgent.
Canada's two priciest markets are still cooling in annual terms: Greater Toronto and Greater Vancouver both posted year-over-year price declines of roughly 4.5 per cent in the second quarter. That said, both regions showed early signs of quarter-over-quarter stabilization, suggesting the worst of the correction may be behind them. Quebec City, meanwhile, saw its long hot streak finally break, posting its first quarterly price decline in more than three years after several years of standout gains.
The backdrop to all this is a bumpier inflation picture. Canada's Consumer Price Index rose 3.2 per cent year over year in May, up from 2.8 per cent in April and the highest reading since early 2024, largely on the back of energy prices tied to ongoing conflict in the Middle East. Bank of Canada Governor Tiff Macklem has indicated that price pressures have not yet broadened out in a way that would justify tightening policy further, and the central bank's key rate has held at 2.25 per cent since October of last year.
Looking further ahead, the survey flags 2027 as a pivotal year for the mortgage market: the last remaining ultra-low, pandemic-era fixed-rate mortgages are set to come up for renewal by the end of that year, a shift that could reshape household budgets and, by extension, buying power across the country.
For now, elevated inventory in many regions means buyers can afford to take their time rather than rush into offers, a dynamic that has defined the 2026 spring market. Whether that patience gives way to a more competitive summer, as Royal LePage suggests it might, will depend heavily on how the inflation and rate picture evolves over the next few months.
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