Housing Market Shows Early Signs of Transition as Winter Activity Remains Subdued.

The Resale Housing Market conditions tightened in February 2026 compared to February 2025. While sales were down year-over-year, new listings declined by a greater annual rate. The dip in new listings is in line with recent polling results from Ipsos, which show listing intentions are down for 2026.

Many would-be homebuyers are waiting for selling prices to level off before moving into the market. If new listings continue to trend lower through the spring, competition between homebuyers will increase, supporting home prices and a recovery in sales.

Ontario - Housing Market Shows Early Signs of Transition as Winter Activity Remains Subdued

Toronto, 7 March, 2026 -- Greater Toronto Area (GTA) resale housing market conditions tightened in February 2026 compared to February 2025. While sales were down year-over-year, new listings declined by a greater annual rate. The dip in new listings is in line with recent polling results from Ipsos, which show listing intentions are down for 2026.

“Many would-be homebuyers are waiting for selling prices to level off before moving into the market. If new listings continue to trend lower through the spring, competition between homebuyers will increase, supporting home prices and a recovery in sales,” said TRREB President Daniel Steinfeld.

“There is substantial pent-up demand in the GTA ownership market, with more than 100,000 buyers holding off on making a home purchase. Buyers are waiting for selling prices to level off and for positive news on the trade front. Once we see both, there could be substantial momentum driving home sales in the second half of this year and into 2027,” said TRREB Chief Information Officer Jason Mercer.

GTA REALTORS® reported 3,868 home sales through TRREB’s MLS® System in February 2026 – down by 6.3 per cent compared to February 2025. New listings entered into the MLS® System amounted to 10,705 – down by 17.7 per cent year-over-year.

On a seasonally adjusted basis, February home sales and new listings were down month-over-month compared to January 2026. New listings were down by a greater monthly rate than sales.

The MLS® Home Price Index (MLS® HPI) Composite benchmark was down by 7.9 per cent year-over-year in February 2026. The average selling price, at $1,008,968, was down by 7.1 per cent compared to February 2025.

On a month-over-month seasonally adjusted basis both the MLS® HPI Composite and the average selling price were down compared to January 2026 figures.

“The long-term sustainability of the GTA housing market depends upon the industry’s ability to bridge the gap between condominium apartments and traditional single-family homes. TRREB, with its partners in the Housing Advancement Coalition, is urging the Federal and Provincial Governments to take immediate targeted action to pave the way for increased ‘missing middle’ home construction,” said TRREB Chief Executive Officer John DiMichele.

Ottawa’s Housing Market Shows Early Signs of Transition as Winter Activity Remains Subdued

Ottawa, March 4, 2026 -- Ottawa’s residential market continued its winter slowdown in February, with overall sales remaining well below the five-year average of 990 transactions for the month. The slowdown, however, is not uniform across segments, and the data tells a more nuanced story than the headline numbers suggest.

Average condo apartment prices rose month over month while inventory measures eased, signalling what may be an early shift in a segment that has carried elevated supply since late 2025. Townhomes saw the most turnover of any segment, with sales activity running stronger than typical February levels even as rising inventory placed downward pressure on prices. The single-family market remained comparatively stable, with pricing holding relatively steady despite a drop in total sales. The data suggests significant competition for listings at lower price points.

With CREA forecasting a gradual strengthening in demand throughout 2026, we can likely expect continued balanced market conditions even as we approach a more active spring market.

“Benchmark prices moved higher in February across every segment, and demand remained active where affordability allows, creating a more balanced environment,” said Tami Eades, President of the Ottawa Real Estate Board. “Buyers are gaining a little more breathing room to make thoughtful decisions, while sellers continue to see consistent momentum. The conditions that kept many buyers cautious over the past year are gradually shifting. Spring is shaping up to be a meaningful window for those who are ready to act.”

Residential Market Activity

In February, 780 residential properties sold in Ottawa, down 6.8% from February 2025. Activity improved from January’s 610 transactions, though sales remained 21.2% below the five-year February average of 990 and 17.8% below the ten-year average of 949. This makes the current winter one of the slowest of the past decade. Even so, demand has not disappeared. Buyer activity remains present, particularly at lower price points, with elevated inventory and ongoing affordability considerations contributing to longer decision timelines.

Pricing trends reflected this environment. The average residential sale price in February was $662,773, down 1.0% year over year, while the median price declined 3.1% to $615,450. Both movements remain modest in scale and are consistent with a market adjusting to elevated supply rather than one experiencing broad-based downward pressure. With months of inventory easing to 3.8 from January’s 4.4 as seasonal sales activity increased, Ottawa continues to operate in balanced territory.

The MLS® Home Price Index provides important context. Benchmark prices remain below year-ago levels, but February recorded month-over-month increases in the composite, single-family, townhouse, and apartment benchmarks compared to January. Because the HPI controls for seasonality and changes in the mix of sales, these gains reflect genuine upward movement in market valuation rather than simply the typical increase in pricing that accompanies the approach of the spring market. This suggests that, despite a slower-than-usual winter, pricing momentum is beginning to firm across segments.

Prices and Market Balance

New listings in February totalled 1,582, down 7.8% from February 2025 but up from January’s 1,522. Active listings reached 2,928 units at month end, an increase of 11.1% year over year and well above levels seen in recent February periods.

The broader inventory base is giving buyers more properties to consider at any given time, which is reducing urgency. At the same time, improved sales activity and rising month-over-month benchmark prices indicate that underlying demand remains present. Inventory is higher than seasonal norms, but it is being absorbed in a way that is keeping pricing and overall market balance steady.

February’s data reinforces what January initially indicated: Ottawa is in a period of transition. This winter has been slower than the past few years, but the combination of firmer month-over-month HPI benchmarks, improving apartment absorption, steady townhome turnover, and relatively stable detached pricing suggests that demand is stable. Buyers continue to operate with more time and more choice than in recent years.

CREA’s 2026 outlook anticipates gradually strengthening demand as lower borrowing costs work their way through the market. Ottawa’s recent results are consistent with that view. If momentum continues to build into spring, the current inventory base should support a more active market without generating the sharp price acceleration that has defined previous cycles.

British Columbia - New normal for Metro Vancouver’s housing market continues

Metro Vancouver, 19 Feb 2026 - Metro Vancouver* home sales registered on the MLS® in February continued the recent trend of slower-than-average sales, seeing a ten per cent decline over the same period last year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,648 in February 2026, a 9.8 per cent decrease from the 1,827 sales recorded in February 2025. This was 28.7 per cent below the 10-year seasonal average (2,310).

"With each passing data point, the pace of sales running well-below long-term averages are no longer a surprise – it’s become the new norm. A surprising finding this February, however, is that home sellers appear less eager to list their homes relative to last year with new listings down about seven percent, mostly driven by fewer listings in the apartment segment."

Andrew Lis, GVR chief economist and vice-president data analytics

There were 4,734 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2026. This represents a 6.4 per cent decrease compared to the 5,057 properties listed in February 2025. This was 7.1 per cent above the 10-year seasonal average (4,421).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,545, a 6.3 per cent increase compared to February 2025 (12,744). This is 37 per cent above the 10-year seasonal average (9,886).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2026 is 12.6 per cent. By property type, the ratio is nine per cent for detached homes, 16.6 per cent for attached, and 14.1 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“With fewer sellers coming to market with their properties than last year, a pick-up in demand heading into the spring could result in a stagnation of standing inventory, which may support prices around current levels,” Lis said. “With sales slightly outpacing our 2026 forecast year-to-date, the spring market will be the litmus test of whether we continue along this new normal, or if we see any significant surprises.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,100,300. This represents a 6.8 per cent decrease over February 2025 and a 0.1 per cent decrease compared to January 2026.

Sales of detached homes in February 2026 reached 427, a 10.5 per cent decrease from the 477 detached sales recorded in February 2025. The benchmark price for a detached home is $1,835,900. This represents an 8.8 per cent decrease from February 2025 and a 0.8 per cent decrease compared to January 2026.

Sales of apartment homes reached 824 in February 2026, a 15.6 per cent decrease compared to the 976 sales in February 2025. The benchmark price of an apartment home is $708,200. This represents a 6.8 per cent decrease from February 2025 and a 0.5 per cent increase compared to January 2026.

Alberta - Detached Market Tightens While Apartments Remain Oversupplied

Calgary, March 2, 2026 – Calgary continued to see market conditions vary by property type in February. The tightest conditions occurred in detached and semi-detached properties, reporting less than three months of supply. Row homes reported slightly higher supply levels relative to demand but remained relatively balanced. Meanwhile, apartment-style properties are dealing with excess supply, as conditions continue to favour the buyer.

“Slowing migration levels are coming at a time when supply for apartment-style homes is rising. Calgary reported record high starts last year, mostly due to gains in apartment starts, where there are nearly 18,000 units currently under construction. While a large share of the units is targeted for rental, this also impacts condo ownership markets,” said Ann-Marie Lurie, CREB®’s Chief Economist. “Meanwhile, on the opposite end of the spectrum, the detached market remains relatively balanced in the higher price ranges and continues to struggle with limited supply for homes priced below $700,000.”

Tighter conditions for detached homes offset the higher supply levels in the apartment condominium sector, leaving citywide conditions relatively balanced at three months of supply and a sales-to-new-listings ratio of 55 per cent. Inventory levels reached 4,822 units in February, with condominiums and row homes representing more than half of all the inventory. At the same time, there were 1,526 sales in February, an 11 per cent decline over last February, mostly due to a sharp pullback in row and apartment sales.

Typical seasonal patterns tend to drive monthly gains in prices early in the year following the monthly slides reported at the end of the previous year. While February did report monthly benchmark price gains for most property types, prices continued to slide for apartment-style homes. However, monthly gains for lower-density homes offset the pullbacks for apartment units, leaving the total residential benchmark price of $560,500 one per cent higher than January, but still four per cent lower than last year's levels.

Detached - Both sales and new listings in February were similar to levels reported last year. With 736 sales and 1,269 new listings, the sales-to-new-listings ratio was 58 per cent. While this did not prevent further inventory gains, months of supply remained relatively balanced at just under three months. Conditions did vary across the city as the North East district struggled with excess supply, preventing any improvement in monthly prices. Meanwhile, the West district reported the tightest conditions with less than two months of supply.

In February, the unadjusted benchmark price for a detached home was $734,300, over one per cent higher than January, but still three per cent lower than last year's levels. The only districts to report both month-over-month and year-over-year gains were the City Centre and the West district.

Semi-detached - Sales improved in February, reaching 175 units. At the same time, new listings rose to 253 units, causing the sales-to-new-listings ratio to rise to 69 per cent and preventing any improvement in inventory levels compared to January. This caused the months of supply to drop to 2.4 months, the lowest out of the four property types.

While this is a smaller segment of the market, the tighter conditions did result in slightly higher monthly price gains. As of February, the unadjusted benchmark price was $682,200, over two per cent higher than January and comparable to levels reported last year. Year-over-year price changes varied by district, with gains in the City Centre, North West and West offsetting declines in the North East, North, South, South East and East. In addition to typical seasonal factors, tighter conditions at the start of the year are helping support monthly price gains in most districts.

Row - Sales picked up in February compared to January, reaching 270 units. Meanwhile, after January’s surge in new listings, levels slowed to 491 units, helping bring the sales-to-new-listings ratio into more balanced territory at 55 per cent. While inventories did rise, the monthly gains in sales helped reduce the months of supply from over four months in January to just over three months in February.

The unadjusted benchmark price rose to $423,600 in February, in line with typical seasonal expectations. While prices are still five per cent lower than last February, there is significant variation between districts. The steepest year-over-year declines have occurred in the North East and East districts at over 10 per cent. Meanwhile, prices in both the West and City Centre are only slightly lower than levels reported last February.

Apartment condominium - Despite a pullback in new listings in February, with 753 new listings and 345 sales, the sales-to-new-listings ratio remained low at 46 per cent, contributing to further inventory gains. February reported 1,580 units in inventory, high enough to keep the months of supply well over four months. The persistently higher supply levels continued to weigh on prices in February, as the monthly benchmark price dropped to $298,600, nearly one per cent below January and over nine per cent lower than prices reported last February.

Conditions do vary across the city. After the first two months of the year, the months of supply have ranged from over 11 months in the North East to below four months in the South district. The higher supply levels are weighing on prices across all districts. The largest year-over-year price adjustments have occurred in the North East, East and South East districts, which have seen declines surpassing 10 per cent.

REGIONAL MARKET FACTS

Airdrie - Sales and new listings totalled 122 and 236 units, respectively, in February, causing the sales-to-new-listings ratio to rise to 52 per cent. At the same time, inventories increased slightly over the previous month and last year, pushing above long-term trends. However, with just over three months' supply, conditions are considered relatively balanced. The unadjusted benchmark price was $512,200 in February, similar to the previous month, but still five per cent lower than last year's levels. Increased competition from the new home sector, along with increased supply choice in both Calgary and other surrounding areas, has contributed to some of the price adjustments that have occurred in Airdrie.

Cochrane - The gains in sales in February helped offset the new listings in the market. With 91 sales and 154 new listings, the sales-to-new-listings ratio rose to 59 per cent, preventing any significant shift in inventory levels. This caused the market to shift toward more balanced conditions with three months of supply. As of February, the total residential benchmark price was $553,500, slightly higher than January, but due to pullbacks mostly in the third quarter of 2025, prices remain three per cent lower than last February.

Okotoks - Sales in February slowed compared to new listings that came onto the market, causing the sales-to-new-listings ratio to fall below 60 per cent. This helped support some inventory gains in Okotoks for the month. However, inventory levels remained well below long-term trends and with under three months of supply, conditions remain relatively tight. The tighter conditions have once again contributed to some monthly gains in prices beyond what’s typically seen early in the year. As of February, the unadjusted benchmark price was $612,300, a two per cent gain over January and similar to levels reported last year.