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September home sales totalled 1,650 units, similar to August and nearly four per cent lower than September 2025. Although September sales typically decline from August, stronger detached-home activity helped limit the seasonal pullback. New listings also increased from August, bringing the sales-to-new-listings ratio down to 49 per cent and keeping inventory relatively stable. Months of supply remained just under four months, unchanged from August.

Market conditions continued to vary considerably by property type. Detached homes remained relatively balanced, with increased listings supporting stronger sales in September. In contrast, higher supply levels for apartment and row homes contributed to buyer-market conditions as demand was spread across more choices, including rental and newly built homes. The increase in higher-density supply reflects strong construction activity over the past three years, while detached-home construction did not increase to the same extent. Strong employment and positive, though slower, net migration have supported housing demand, but not enough to fully absorb the additional higher-density supply.

Prices showed some typical seasonal declines in September, although seasonally adjusted figures indicated that overall prices were relatively stable compared with August. The unadjusted residential benchmark price was $566,700, nearly one per cent below last year. The largest year-over-year declines were concentrated in higher-density properties, with row homes down nearly six per cent and apartments down more than eight per cent. Detached prices were one per cent lower than last year, while semi-detached prices were broadly comparable with last year.

Detached sales reached 896 units, more than four per cent higher than last year, while conditions remained relatively balanced with just over three months of supply. Semi-detached sales remained two per cent lower year to date, and increased September listings pushed months of supply to nearly four months. Row-home sales eased while listings increased, pushing supply above four months and contributing to a benchmark price of $412,400, nearly six per cent below last year. Apartment sales improved from August but remained 14 per cent below last year, with more than five months of supply and a benchmark price of $291,400, down more than eight per cent year over year.

Conditions also varied across surrounding communities. Sales in Airdrie continued to slow, contributing to a 13 per cent year-to-date decline, while increased competition contributed to a benchmark price nearly four per cent below last year. Cochrane recorded nearly six per cent year-to-date sales growth, although higher listings pushed months of supply to five and prices remained close to last year's levels. Okotoks maintained relatively tight conditions with just over two months of supply, while its September benchmark price of $606,800 was broadly stable year over year. In Chestermere, increased sales helped reduce inventory and brought months of supply below six, while the September benchmark price of $690,200 remained similar to last year's level.

Fall can be a good time to make a move, whether you’re buying or selling, but the picture depends on where you live. Canada’s housing market is heading into fall without a dramatic shift in either direction. National home sales dipped 0.7% in August compared with July, while new listings rose 3.3%. A national sales-to-new-listings ratio of 49.1% remains consistent with balanced market conditions, while forecasts point to a more active second half of 2026 following a weaker first half.

For sellers, fall offers several advantages. There are typically fewer listings than in spring, which can help a home stand out, while late summer and early fall provide ideal conditions for getting a property looking its best. The season can also attract more serious buyers, including people relocating for work and those looking to downsize. September and October can bring increased activity and broader exposure compared with the quieter summer months, although sellers should also be prepared for competition from other listings.

Making a strong first impression is important. Before listing, take care of small repairs such as replacing worn hardware, fixing outdoor steps, or refreshing tired paint. With daylight hours getting shorter, clean windows and screens, open blinds during showings, and add lighting to darker areas. Keep seasonal décor simple and inviting, and stay on top of cleaning and yard maintenance. Clearing leaves, tidying gardens, and maintaining outdoor spaces can improve curb appeal, while having your heating and HVAC systems inspected can help avoid unexpected problems once colder weather arrives.

Technology can also help showcase your home. Virtual and 3D tours, 360-degree views, remote showings, professional photography, and even drone photography can give potential buyers a better sense of the property. If you’re planning to list later in the year, consider taking outdoor photos before snow and colder weather arrive so you can capture your yard and outdoor spaces at their best. Professional photography can also help ensure your home is presented effectively across online listings and marketing materials.

Finally, do your research before setting a price or deciding on a listing strategy. Look at comparable homes in your neighbourhood, monitor local market conditions, and consider what buyers are looking for. National trends provide useful context, but housing conditions can vary significantly from one community to another. Be prepared to adjust your pricing, timing, or marketing strategy as market conditions change. A well-prepared home, realistic expectations, and an understanding of local buyer demand can help you make the most of the fall selling season.

Toronto and Vancouver were identified as the two weakest housing markets internationally in 2026, according to a global real estate report released Tuesday. Despite being among the weakest-performing markets, both cities were classified as facing a “moderate” risk of a housing bubble. Inflation-adjusted home prices in both cities fell by about 10 per cent year over year, while prices across the other major global cities analyzed increased by roughly 0.5 per cent on average.

The decline marks a major reversal from the strong growth Toronto and Vancouver experienced during the previous decade. Between 2014 and 2022, Toronto was one of the strongest-performing markets analyzed, but prices have since fallen about 30 per cent from their peak. Vancouver prices have declined roughly 20 per cent since reaching their peak in 2022. Despite these drops, housing in both cities remains expensive compared with many other markets internationally.

Current benchmark prices remain high, with homes in the Greater Toronto Area around $930,000 and those in Metro Vancouver around $1.08 million. However, when measured against average incomes, both cities can appear relatively more affordable than some other major international centres. The report found that Toronto ranked at the lower end of its price-to-income measure, while Vancouver required roughly five years of average income to purchase a typical 650-square-foot apartment, compared with more than a decade in some other cities.

Housing prices began to level off after the buying surge during the COVID-19 pandemic. Rising costs also encouraged some residents to move to other cities, contributing to stronger price growth elsewhere. More recently, economic uncertainty has made buyers more cautious about major investments. The condominium sector has been particularly weak, with resale benchmark condo prices in the Greater Toronto Area falling 10 per cent year over year in the first quarter of 2026. Prices are not expected to begin rising again until 2028, with projections suggesting they could ultimately fall 25 to 30 per cent from their early-2022 peak.

Looking ahead, analysts do not expect a drastic decline in home prices in either city in the near term, although international economic conditions could change that outlook. Both markets are considered to have a moderate level of housing-bubble risk, down from elevated levels recorded in 2024. A major concern is housing supply: Toronto would need to increase annual housing construction by at least 50 per cent over the next decade to restore affordability to pre-pandemic levels. If economic growth strengthens while construction remains insufficient, renewed upward pressure on prices could eventually create conditions for another housing bubble.

Canadian home sales decreased 0.7% month over month in August 2026, marking a fourth consecutive month of largely unchanged activity. Actual sales were 6.9% lower than in August 2025, while new listings increased 3.3% compared with July. The increase in listings reversed three consecutive monthly declines and pointed to a broader return of properties to the market as the fall season approached.

The rise in new listings, combined with the slight decline in sales, pushed the national sales-to-new-listings ratio down to 49.1% in August from 51.1% in July. The long-term average is 54.7%, with readings between roughly 45% and 65% generally considered consistent with balanced market conditions. There were just under 200,000 properties listed for sale across Canadian MLS® Systems at the end of August, broadly in line with historical levels and 1.4% higher than a year earlier.

National housing inventory remained at 4.8 months in August, unchanged for the fourth consecutive month and slightly below the long-term average of five months. Based on historical measures, inventory below 3.6 months would indicate a seller's market, while more than 6.4 months would indicate a buyer's market. Overall supply has remained relatively stable since spring 2025, suggesting that neither sales nor available inventory has shifted dramatically in recent months.

Home prices were also largely stable in August. The National Composite MLS® Home Price Index was unchanged from July, extending a period of month-to-month price stability that has lasted since the spring. Compared with August 2025, the index was down 3%, although the annual decline has been narrowing since January. August's decline was the smallest year-over-year decrease since October 2025.

The national average home price was $668,219 in August 2026, up 0.6% from a year earlier. While housing activity and prices have remained relatively steady, the broader economic environment has become less certain, with rising inflation risks and questions about the durability of economic growth creating additional headwinds. Fixed mortgage rates have already increased alongside higher bond yields, while financial markets are pricing in the possibility of a variable-rate increase later this year. These factors could limit further momentum in the housing market as the country moves toward 2027.

Canada’s housing market may be heading into a weaker period this fall, with economists expecting prices and sales momentum to decline. The market had shown signs of a developing recovery after several months of improving sales, but the latest data suggests that this momentum is beginning to fade. Nationally, home sales fell 0.7 per cent in August compared with July, while home prices remained unchanged.

Economists are now expecting home prices to decline somewhat over the coming months. Forecasts that previously called for modest price growth have been revised, with prices now expected to remain flat in 2027 rather than increase by one per cent. Stronger price growth is not expected until 2028, when prices could rise by approximately three per cent.

The decline in August sales also ended a five-month streak of increases, reversing some of the recovery seen earlier in the year. Home sales are now at approximately the same level as they were in May and remain 11.2 per cent below their 10-year average. Ontario played a major role in the decline, with sales falling 3.1 per cent and offsetting increases recorded in provinces such as Quebec and Saskatchewan.

Economic uncertainty, particularly related to trade tensions with the United States, may also be affecting buyer confidence. Rising bond yields are another concern because they influence fixed mortgage rates. Although higher yields have not yet had a major impact on the Canadian housing market, some buyers have been choosing variable-rate mortgages or relying on previously approved mortgage rates to avoid higher borrowing costs.

Mortgage rates are expected to continue increasing as they catch up with higher bond yields, which could make homeownership less affordable and push some buyers out of the market. Variable-rate mortgages may also become less attractive if the risk of an interest-rate increase grows. As a result, housing demand is expected to weaken this fall, particularly in Ontario and Quebec, where concerns about potential tariffs on industries such as automobiles and steel could create additional economic uncertainty.

Canada has made modest progress in narrowing its housing supply gap over the past year, but the country still faces a significant shortage of homes. The latest estimates suggest that as many as 4.7 million additional housing units could be needed over the next decade to restore housing affordability to levels seen before the pandemic by 2036.

To meet that goal, between 417,000 and 469,000 new homes would need to be built each year across both ownership and rental markets. This represents a slight improvement from an earlier estimate that called for roughly 430,000 to 480,000 new units annually. While the required construction pace has declined somewhat, the scale of the challenge remains substantial.

Recent improvements in affordability could also be at risk if housing construction slows. Lower population growth has helped reduce some pressure on housing costs, but a weaker construction pace, particularly in the ownership market, could leave Canada unprepared for a future increase in demand. Building too few homes during a softer market could cause the supply shortage to widen again when demand strengthens.

Housing conditions vary significantly across major Canadian markets. The supply gap has narrowed in Toronto and remained relatively stable in Vancouver, while shortages have increased in Montreal and Ottawa. These differences highlight how housing supply and affordability pressures can vary considerably from one region to another.

Calgary has made notable progress, with record levels of housing construction significantly reducing its supply gap. Edmonton remains the only major Canadian market without a housing supply gap. Despite these regional improvements, Canada as a whole still needs a sustained increase in homebuilding over the coming decade to address its housing shortage and improve long-term affordability.

The Bank of Canada has held its overnight lending rate steady at 2.25%, where it has remained for almost a year. The decision was widely expected by analysts and reflects the central bank’s cautious approach as it continues to monitor economic conditions. While the rate remains unchanged for now, recent developments suggest that the outlook for interest rates could become less predictable in the months ahead.

Economic growth and employment figures have provided some signs of strength. Gross Domestic Product (GDP) grew by 3.3% in the second quarter, while the unemployment rate edged down to 6.4% in July. At the same time, persistently high oil prices are contributing to concerns about broader inflationary pressures. The introduction of Canadian counter-tariffs on September 8 could also affect prices and economic activity, potentially increasing the possibility of an interest rate hike in the near future.

Inflation concerns are also contributing to tighter financial conditions around the world. Long-term bond yields have increased globally, including in Canada, which has already contributed to higher fixed mortgage rates. Borrowers could therefore continue to face increased borrowing costs even if the overnight lending rate remains unchanged, similar to the conditions seen earlier in 2026.

There are, however, several factors that could limit the need for an immediate rate increase. Labour demand remains subdued despite the lower unemployment rate, while the economy continues to show signs of excess supply. There is also uncertainty about whether recent economic gains can continue, particularly because of new tariffs being introduced on both sides of the border. These factors could reduce inflationary pressure and give policymakers more reason to maintain the current rate.

Overall, the latest announcement suggests that inflation risks have increased and that a future rate hike is once again a possibility, although an increase is not guaranteed. The decision will depend heavily on economic data and changing conditions over the coming weeks. With two scheduled interest rate decisions remaining before the end of 2026, the possibility of a rate increase is now back on the table. The next scheduled announcement, along with an updated Monetary Policy Report, is set for October 28, 2026.

Buying a home together is a major commitment that requires careful planning, honest communication, and a clear understanding of each person’s financial situation. Before beginning the home-buying process, couples should have an open conversation about their income, savings, investments, debts, credit scores, spending habits, and financial goals. Everyone has different attitudes toward money based on their experiences and upbringing, so being transparent about finances can help build trust and prevent disagreements later. Discussing these topics early can also create a more realistic plan for managing the costs of homeownership together.

It is also important to establish shared priorities before looking at properties. Couples should discuss their non-negotiables, areas where they are willing to compromise, and the features they want in a home. Consider factors such as location, commute times, walkability, access to public transportation, school districts, home size, and the amount of space needed. They should also decide whether they prefer a move-in-ready property or are comfortable taking on renovations. Clarifying these expectations in advance can make decisions easier and help prevent conflicts throughout the home search.

Another important conversation involves determining how shared expenses will be divided. Couples should not assume that one approach will automatically work for both of them. If they earn similar incomes, splitting the mortgage and other costs equally may make sense, while couples with different incomes may prefer a proportional arrangement. One person might contribute more toward the mortgage while the other handles expenses such as utilities, groceries, maintenance, taxes, or insurance. Whatever system is chosen, it should be flexible enough to accommodate changes such as a promotion, job loss, or other unexpected financial circumstances.

The home-buying process can become much easier when couples divide responsibilities according to their individual strengths. One person may be better suited to researching neighborhoods and properties, while the other may prefer handling budgets, documents, or timelines. Responsibilities can be shared while keeping both partners involved in major decisions. Working together, communicating regularly, and respecting each other’s opinions can reduce stress and help both people feel supported. Professional guidance can also be useful when navigating property searches, negotiations, financing, and paperwork.

Above all, couples should make communication a priority throughout the home-buying journey. Purchasing a home can be stressful, and financial concerns, disagreements, and decision fatigue can easily create tension. Taking time to discuss how each person feels, listening actively, acknowledging concerns, and explaining what support is needed can help maintain a healthy partnership. Celebrating small milestones, showing appreciation, and finding opportunities to enjoy the process together can also help keep the experience positive. With thoughtful planning and open communication, buying a home can become a shared achievement rather than a source of unnecessary conflict.

It is now easier for Calgary homeowners to build secondary suites. In April, City Council approved changes that automatically allow secondary suites as a “permitted use” across Calgary. This means homeowners can avoid the need for a development permit and only need a building permit, as long as the suite meets all requirements outlined in the applicable bylaws. The rules for backyard suites remain unchanged.

The change is expected to significantly reduce the time and cost involved in building a secondary suite. According to city administration, homeowners could save up to six weeks in processing time and more than $600 in permit fees. The city estimates that approximately 2,300 secondary suites could be built each year as a result of the new approval process, helping increase the supply of housing throughout Calgary.

Legal secondary suites can benefit homeowners in several ways. They can be used as rental units, guest accommodations, or additional living space for family members. They can also increase the overall value of a property while providing more affordable housing options in established communities. In 2024, the city introduced an incentive program offering qualified homeowners up to $10,000 toward the cost of building, improving, or legalizing a secondary suite.

Since the launch of the incentive program, the number of suites listed on the city’s Secondary Suite Registry has doubled, increasing from approximately 13,000 in 2024 to 26,000 in 2026. The program has helped homeowners create safe and legal housing while increasing the availability of market-affordable rental units in communities where residents already have access to services, amenities, and transportation.

New applications for the Secondary Suite Incentive Program are currently being placed on a waitlist, although homeowners whose applications are already under review remain eligible for funding. The waitlist will remain open until applications have been reviewed and available funding has been distributed. For anyone considering buying or selling a property with a secondary suite, it is important to understand local comparable prices, current market conditions, and the steps involved in the purchase or sale of a home with a suite.

Investors have increased their expectations that interest rates will rise in December and beyond, with rates potentially reaching three per cent. The central bank recently held its key interest rate at 2.25 per cent for the seventh consecutive time. Following the announcement, market expectations for a 25-basis-point increase in December rose to nearly 90 per cent, up from roughly 60 per cent the previous day.

Expectations for additional increases next year have also grown. Investors are now largely anticipating at least one 25-basis-point hike in January, while some are betting on as many as three increases by the middle of the year. However, some analysts believe these expectations may be too aggressive, arguing that while some tightening could eventually be justified by economic data, current market pricing may be overstating the likely pace of increases.

The outlook is being influenced by concerns that inflation could spread to other parts of the economy. Ongoing international conflicts and trade tensions have increased uncertainty, while new tariffs and counter-tariffs could put additional pressure on prices. Although some earlier expectations of rising inflation were considered premature, the combination of renewed inflation concerns and changes in expectations for U.S. interest rates has strengthened the case for higher Canadian rates.

Markets are also increasingly pricing in the possibility of higher interest rates in the United States. Expectations for a 25-basis-point increase at the next U.S. meeting have risen significantly, while investors are fully pricing in one increase by December and assigning a substantial probability to another. Changes in the U.S. interest-rate outlook are important for Canada because monetary policy in the two countries is closely connected, influencing expectations for the direction of Canadian rates.

A rate increase could also be considered at the central bank’s October meeting, when an updated economic and inflation report is scheduled to be released. The latest policy statement indicated that inflation remains too high, that risks to higher inflation have increased, and that the two per cent inflation target will remain a key focus for future decisions. Markets currently see just over a 40 per cent chance of an October increase, while forecasts suggest rates could reach 2.75 per cent by the end of the year and three per cent in 2027.

Calgary’s housing market continued to see slower activity in August 2026, with both sales and new listings declining compared with the same period in 2025. Sales reached 1,660 units, down 16 per cent year over year, while new listings fell nearly 10 per cent to 3,141 units. The slowdown was not consistent across all price ranges, as homes priced above $1 million recorded sales gains, particularly among detached and semi-detached properties. Overall inventory stood at 6,509 units, while slower sales pushed the market to nearly four months of supply. Conditions varied considerably by property type, with apartment-style homes facing almost six months of supply compared with just over three months for lower-density detached homes. 

Detached and semi-detached properties continued to show relatively balanced market conditions and more stable pricing than higher-density housing. Detached home sales fell 12 per cent to 875 units, while new listings declined to 1,635 units, pushing supply above three months. The benchmark price for detached homes was $744,300, roughly unchanged from July and one per cent lower than last year. Semi-detached sales also eased, bringing year-to-date sales to 1,516 units, slightly below 2025 levels. Inventory remained nearly five per cent higher than last year, but prices stayed relatively stable, with the benchmark reaching $690,500, nearly one per cent higher than a year earlier.

Row housing continued to experience weaker demand, with sales contributing to a 15 per cent year-to-date decline. Additional new-home and rental supply has contributed to the reduced resale demand, while fewer new listings have helped prevent inventory from increasing further. Supply remained close to four months, although conditions differed by location. Prices declined across all areas, with the benchmark reaching $415,200 in August, nearly one per cent lower than July and five per cent below last year. Apartment-style condominiums remained the most oversupplied segment, with nearly six months of supply and a 26 per cent year-to-date decline in sales. The benchmark price fell to $295,400, down nearly one per cent from July and eight per cent from 2025, and almost 13 per cent below its August 2024 peak.

In surrounding communities, market conditions varied significantly. Airdrie recorded a 13 per cent year-to-date decline in sales, while new listings fell seven per cent, helping keep supply below four months despite elevated inventory. Its benchmark price declined to $508,800, down more than four per cent from a year earlier. Cochrane saw sales improve, contributing to a year-to-date increase of more than five per cent, while stronger sales reduced supply to just over three months. Despite the improved activity, its benchmark price fell two per cent year over year. Okotoks continued to experience limited new listings and relatively tight conditions, with just over two months of supply and a benchmark price of $608,400, nearly two per cent below last year. 

Chestermere experienced the most pronounced imbalance among the surrounding markets, as sales declined faster than new listings. The sales-to-new-listings ratio fell below 30 per cent, contributing to elevated inventory and nine months of supply. The higher level of available homes, combined with weaker sales, continued to put downward pressure on prices, which were more than one per cent below 2025 levels. Overall, the August market reflected a clear divide between relatively balanced lower-density housing and more challenging conditions in higher-density segments, where elevated supply and weaker demand continued to weigh on sales and prices.

Canada’s housing markets showed a mix of recovery, setbacks and stabilization in July, with conditions varying significantly across the country. Some markets showed signs of recovery or turnaround, while others continued to struggle with affordability, weak demand and elevated inventory. Home values remained below year-ago levels in several major markets, while others continued to see modest price growth or stabilization.

The Toronto area showed encouraging signs of recovery, recording its longest stretch of monthly resale gains in three years and a second consecutive monthly increase in benchmark prices. However, the market remains well below pre-pandemic activity, with prices still down from a year ago. The condo segment continues to face particular pressure, although declining new listings and a gradual reduction in inventory suggest the recent price gains could be sustained in some areas.

Montreal appears to be heading toward a controlled slowdown rather than a sharp decline. Home sales remain below last year’s levels, while price growth continues to moderate amid affordability challenges and slower population growth. Supply has increased, particularly for condos, helping bring the market closer to balance and easing upward pressure on prices.

Vancouver’s housing market continues to face significant challenges, with July bringing another decline in home resales and prices falling further from a year ago. Affordability concerns, weak buyer confidence, abundant inventory and slower population growth are keeping demand subdued, and further price declines may be needed before buyers return in greater numbers.

In Calgary, tighter supply is becoming a defining feature of the market as sellers remain hesitant to list their homes. Sales have softened, while prices continue to decline at a slower pace than earlier in the year. Condos remain the weakest segment, but overall conditions point to a cooling market where limited inventory could make it more difficult for buyers to find suitable properties.