Market Watch - Buyers And Sellers Adopting a Wait-And-See Approach to Housing Market

Buyers continued to benefit from substantial negotiating power on price across major market segments in the last month. This explains why benchmark and average selling prices were down year-over-year. However, if market conditions continue to tighten, as they did in March, selling prices could start levelling off as we move through the remainder of 2026.

Ontario - GTA Resale Housing Market Conditions Tightened in March

Toronto, April 8, 2026 -- Greater Toronto Area (GTA) resale housing market conditions tightened in March 2026 in comparison to last year. Sales were up year-over-year, while new listings were down. Selling prices were lower compared to March 2025, helping with affordability moving into the spring market.

“It’s encouraging to see an uptick in March home sales compared to last month and last year. This suggests that an increasing number of GTA households are looking to take advantage of improved affordability as we move into the spring market. Positive news on trade and geopolitical issues would help improve consumer confidence and home sales in the months ahead,” said TRREB President Daniel Steinfeld.

“Buyers continued to benefit from substantial negotiating power on price across major market segments in the last month. This explains why benchmark and average selling prices were down year-over-year. However, if market conditions continue to tighten, as they did in March, selling prices could start levelling off as we move through the remainder of 2026,” said TRREB Chief Information Officer Jason Mercer.

GTA REALTORS® reported 5,039 home sales through TRREB’s MLS® System in March 2026 – an increase of 1.7% compared to March 2025. New listings entered into the MLS® System amounted to 14,442 – down by 16.7% year-over-year.

On a seasonally adjusted basis, March 2026 home sales and new listings were up month-over-month compared to February 2026. Sales were up by a slightly greater monthly rate than new listings.

The MLS® Home Price Index (MLS® HPI) Composite benchmark was down by 7.4% year-over-year in March 2026. The average selling price, at $1,017,796, was down by 6.7% compared to March 2025.

On a month-over-month seasonally adjusted basis, selling prices remained relatively flat, with the MLS® HPI Composite edging down and the average selling price edging up compared to February 2026.

“The GTA housing supply pipeline is in danger of running dry in the medium-to-long term. The federal and provincial governments announcements on HST and development charge relief were important affordability policy initiatives designed to spur new home sales and construction. It will be important to ensure that the right types of homes are built, namely ‘missing middle’ home types, bridging the gap between condos and traditional single-family homes. This is contemplated in the recent Ontario Building Homes and Improving Transportation Infrastructure Act,” said TRREB CEO John DiMichele.

Ottawa - Spring Momentum Builds as Ottawa Market Begins Catching Up with Supply

Ottawa, April 8, 2026 -- Ottawa’s housing market showed clearer signs of early spring momentum in March, with sales activity strengthening after a prolonged, slower winter market. While transactions remain below typical March levels, the pace of improvement has accelerated, particularly in the single-family segment.

Inventory continues to rise, but stronger sales are keeping pace with new supply. This is leading to a gradual tightening in market conditions, reflected in declining months of inventory and more consistent absorption across all segments.

Pricing trends also suggest a market that is beginning to firm. The MLS® Home Price Index recorded a second consecutive month of gains across most property types, indicating strengthening underlying values as the spring market takes shape. Overall, Ottawa remains in balanced territory, with momentum building as demand re-engages.

“March’s activity is a clear sign that Ottawa’s market doesn’t move in dramatic shifts,” said Tami Eades, President of the Ottawa Real Estate Board (OREB). “What we’re seeing is a measured, steady return to activity. Inventory is up, sales are improving, and pricing is firming without overheating. We expect a more active and stable market in the months ahead.”

Residential Market Activity

In March, 1,075 residential properties sold in Ottawa, down 4.7% year over year. This marks an improvement from February’s 6.8% decline, and signals strengthening demand as the spring market takes hold.

While sales remain slightly below recent March levels, they are now within range of prior years:

• 2025: 1,128
• 2024: 1,158
• 2023: 1,072

Total dollar volume of sales reached $744.5 million in March, down 3.8% year over year.

Year-to-date, 2,474 homes have sold, a 5.7% decline from 2025, while dollar volume sits at $1.66 billion (-6.5%). Despite this, March showed stronger momentum than earlier in the year, driven in part by single-family homes, which recorded 562 sales, unchanged year over year, and well above February’s 358.

This increase in activity helped absorb supply. Months of inventory declined to 3.3 in March from 3.8 in February, indicating that while buyers still have choice, sales are keeping a better pace with new listings.

Prices and Market Balance

Home prices in Ottawa remained relatively stable in March. The average residential sale price was $692,584, up 0.9% from March 2025, while the median price was $642,000, down 0.5% year over year.

Year to date:

• Average price: $670,360 (-0.9%)
• Median price: $625,000 (-1.1%)

These figures represent an improvement compared to February.

While headline prices show modest movement, the MLS® Home Price Index points to firmer underlying trends. Benchmark prices rose month over month in the composite, single-family, and apartment segments, while townhomes remained stable. Because the HPI adjusts for the mix of homes sold, it provides a clearer view of true price movement, and suggests values are beginning to firm.

Supply continued to build:

• New listings: 2,452 (+7.5%)
• Active listings: 3,578 (+10.3%)

The sales-to-new-listings ratio was 43.8%, keeping Ottawa in balanced market territory.

Months of Inventory:

• Single-family: 3.0
• Townhomes: 2.8
• Apartments: 5.5

This indicates tighter conditions in detached and townhome segments, while apartments continue to face higher supply, and more price pressure.

Looking Ahead

March data suggests Ottawa’s spring market is taking shape, with improving sales, firmer pricing signals, and more effective absorption of inventory. While activity has not fully returned to long-term averages, the pace of recovery is strengthening.

Rising benchmark prices, and declining months of inventory point to gradually tightening conditions within an overall balanced environment.

CREA’s 2026 outlook anticipates strengthening demand as borrowing conditions ease. Ottawa’s recent performance is beginning to align with that trajectory, with early signs of a typical spring pickup now emerging. If current trends continue, the market is likely to see steady momentum in the months ahead, without a sharp shift in balance.

Recent federal and provincial announcements represent one of the most significant aligned housing policy efforts in recent years, and will likely spur activity in Ottawa’s housing market.

British Columbia - Home Sales Remain Slow Amidst a Very Challenging Economic Environment

Vancouver,  April 15, 2026. The British Columbia Real Estate Association (BCREA) reports that 5,766 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in March 2026, down 3.6% from March 2025. The average MLS® residential price in BC in March 2026 was down 2% at $939,846 compared to $959,236 in March 2025.

Total MLS® residential sales dollar volume was $4.21 billion, down 5.6% from the same time the previous year. BC MLS® unit sales were 34.53% lower than the ten-year average for the month of March.

“Global conflict leading to rising mortgage rates paired with a sluggish economy are presenting a challenge for a housing market recovery,” said BCREA Chief Economist Brendon Ogmundson. “Improved affordability and pent-up demand should translate to an acceleration of activity, though the market will need a period of relative calm for households to build confidence.”

Year-to-date, BC residential sales dollar volume is down 13% to $12.7 billion, compared with the same period in 2025. Residential unit sales are down 11% year-over-year at 13,595 units, while the average MLS® residential price is also down 2.2% to $933,859.

Alberta - Trends Differ Based on Property Type 

Alberta, April 1, 2026 – Supply conditions in March varied significantly depending on property type. Inventory levels saw a typical monthly rise, but compared with long-term trends, inventory remained well above the 10-year average for both row and apartment-style units and well below trend for detached homes. This is not a surprise given the pullback in detached housing starts last year despite record-high apartment-style starts. There were 1,881 sales in March, up from the previous month, but still 13% lower than levels reported last year and below long-term trends for March. The decline in sales is mostly due to pullbacks in apartment-style activity, where increased supply choice and slower migration is spreading demand across a wider range of supply. Meanwhile, detached sales have also slowed compared to long-term trends, likely due to limited supply choice in some city districts. 

“When considering total residential housing statistics, conditions appear to be relatively balanced as sales, new listings, inventories, and prices all trended up over the previous month as we start to move into the spring market,” said Ann-Marie Lurie, CREB®’s Chief Economist. “However, when we look deeper, we are seeing a market that ranges from tighter conditions for detached homes to the apartment sector, where conditions tend to favour the buyer. As expected, this is supporting upward momentum in detached prices and downward pressure in the apartment condominium sector.” 

The total unadjusted benchmark price in the city was $565,600, up nearly 1% compared to February but down by more than 4% compared to last year. After the first quarter, benchmark prices posted modest to stable conditions for lower-density homes. However, apartment condominium prices continued to slide, dropping another 3% in the first quarter compared to the fourth quarter of last year. 

Detached - The detached market is exhibiting the tightest conditions compared to all other property types. With 982 sales and 1,614 new listings in March, the sales-to-new-listings ratio rose to 61%, while inventory levels remained similar to those reported last year. With just over two months of supply, conditions in March closely resembled those seen last year at this time. However, conditions varied across the city, with less than two months of supply reported in the North West, West, South, South East and East districts. Meanwhile, conditions were relatively balanced in both the City Centre and North districts, while the North East district continues to struggle with higher supply relative to demand. 

The detached benchmark price was $741,300 in March, down by three% over last year’s peak price of $766,600. However, tight conditions in most parts of the city are driving some price gains. After the first quarter, the largest quarterly gain was reported in the West district, followed by the City Centre and South districts. 

Semi-detached - Semi-detached sales rose over last year’s levels for the second consecutive month, supported by improvements in new listings and inventory levels. With 480 units in inventory and 193 sales, both levels are comparable to long-term trends, and conditions remain relatively balanced. 

As of March, the unadjusted benchmark price was $686,100—slightly higher than last month and only 1% lower than last year’s levels. Like other property types, there remains a range in price movements dependent on location. By the end of the first quarter, prices have trended up across most districts, but year-over-year prices remain below last year’s levels in all districts except the City Centre, North West and West districts. 

Row - Row home sales continue to slow compared to last year in March, contributing to a first-quarter decline of 19%. The 778 sales in the first quarter were met with 1,581 new listings, keeping the sales-to-new-listings ratio just below 50% and supporting further inventory gains. In March, there were 960 units in inventory — 25% higher than long-term trends — causing the months of supply to rise to nearly three months. While the row market is relatively balanced in most areas of the city, conditions are favouring the buyer in the North East district.   

As of March, the unadjusted benchmark price in the city was $423,900, similar to last month and over 6% lower than levels reported last year. After the first quarter, benchmark prices remain relatively comparable to levels reported in the previous quarter, as quarterly losses in the North East, North, South East and East districts offset the gains reported in the City Centre and West districts. 

Apartment condominium - Supply levels continue to rise for apartment-style units. With 1,774 units in inventory, levels are just shy of the record high for the month reported during the financial crisis in 2008. New supply growth, along with a sharp pullback in sales relative to new listings, has contributed to the rise in resale inventories. With the sales-to-new-listings ratio hovering around 40% and nearly five months of supply, it is not surprising that prices struggle to improve.  

As of March, the unadjusted benchmark price was $300,300 — slightly higher than last month but over 9% lower than last year’s levels. After the first quarter of this year, apartment prices have eased by nearly 3% compared with the fourth quarter of last year. While prices eased across all districts, the largest declines occurred in the South and North districts, both exceeding 4%. 

REGIONAL MARKET FACTS 

Airdrie - With 135 sales and 251 new listings, the sales-to-new-listings ratio remained above 50%, supporting modest improvements in inventory and keeping the market relatively balanced at three months of supply. As conditions stay more balanced, prices are showing more signs of stabilizing. In March, the unadjusted benchmark price was $512,800, similar to last month but more than 5% lower than last year’s levels. Supply choice in the new-home market, along with more options in both Airdrie and north Calgary, has contributed to some of the recent price adjustments in the Airdrie market. 

Cochrane - Following a surge in February sales, activity in March eased. After the first three months of the year, sales totalled 235 units, comparable to levels reported last year. At the same time, new listings have been rising at a faster pace, and the sales-to-new-listings ratio has struggled to push above 50%. This has driven inventory gains and caused months of supply to trend up compared with the previous month. Nonetheless, conditions are mostly in line with longer-term trends, reflecting relatively balanced conditions. This has helped support some of the typical seasonal gains in prices, but not enough to offset earlier pullbacks. Overall, the unadjusted benchmark price in March is $561,200, 4% lower than levels reported last year. 

Okotoks  - Improving sales in March were not enough to offset earlier pullbacks, and the first-quarter sales eased slightly compared with last year. Meanwhile, new listings continued to increase, helping shift the market away from extremely tight conditions. However, inventory levels continue to remain relatively low, and the months of supply sit just over two months. As of March, the unadjusted benchmark price was $618,100, trending up compared to levels reported at the end of 2025 and supporting a modest quarterly gain. Despite the improvement, prices remain more than 1% lower than levels reported at this time last year.