Market Watch - Market Activity Shows Encouraging Signs of Improvement

After a slow start in the first quarter, we saw a marked improvement in home sales in the second quarter of this year. We expect accelerating transactions and more competition between buyers in the last six months of the year, helping to satisfy pent-up demand and ultimately resulting in renewed price growth.

Ontario - Market Activity Shows Encouraging Signs of Improvement

Toronto, July 7, 2026 -- Greater Toronto Area (GTA) housing market conditions continued to improve in June, with sales growing quite strongly year-over-year while new listings declined over the same period. For the first half of 2026, sales have also edged higher compared to the first six months of 2025, with new listings down substantially.

“After a slow start in the first quarter, we saw a marked improvement in home sales in the second quarter of this year. This result followed TRREB’s 2026 outlook, which called for a year of two halves. We expect accelerating transactions and more competition between buyers in the last six months of the year, helping to satisfy pent-up demand and ultimately resulting in renewed price growth,” said TRREB President Daniel Steinfeld.

“While the average selling price was still down year-over-year in June, the annual rate of decline has receded over the past few months. If market conditions continue to tighten in the second half of 2026, selling prices could move in line with 2025 and eventually post some increases. This would give an increasing number of households the confidence to move back into the marketplace,” said TRREB’s Chief Information Officer Jason Mercer.

GTA REALTORS® reported 6,770 home sales through TRREB’s MLS® System in June 2026 – an increase of 9.4% compared to June 2025. New listings entered into the MLS® System amounted to 17,282 – down by 12.9% year-over-year.

On a seasonally adjusted basis, June 2026 home sales were up month-over-month compared to May 2026, while new listings were down, suggesting that market conditions have tightened through the spring.

The MLS® Home Price Index (MLS® HPI) Composite benchmark was down by 5.4% year-over-year in June 2026. The average selling price, at $1,058,658, was down by 3.9% compared to June 2025.

On a month-over-month seasonally adjusted basis, both the average selling price and MLS® HPI Composite were up slightly compared to May 2026.

“Housing affordability remains a priority for the region. Development charges, while essential to funding local infrastructure, have substantially increased the upfront cost of housing delivery. This, in turn, contributes to higher purchase prices and rental costs as they can amount to up to 20% of a home’s purchase price. The Canada-Ontario DC Reduction Program presents a meaningful opportunity for municipalities to reduce these charges while accessing provincial funding to offset related fiscal impacts,” said TRREB CEO John DiMichele.

Ottawa - Market Remains Balanced as Supply Shapes June Conditions

Ottawa, July 6, 2026 -- Ottawa’s housing market remained balanced in June, with activity easing in line with typical early-summer patterns, though trailing slightly behind 2025 activity levels. Supply remains elevated by recent years’ standards, continuing to give buyers more choice.

The impact of the elevated inventory is presenting differently by property type: single-family homes remained comparatively steady, townhomes showed more volatility, and apartment-style properties continue to be the softest segment.

Pricing reflected that mixed picture. The average residential sale price was $733,648 in June, up 1.3% from a year earlier, while the median price was $655,000, down 1.3%.

The market continues to unfold against a cautious economic backdrop, though economic indicators are less gloomy than last month leading to some guarded optimism. The Bank of Canada held its policy rate in June, and Statistics Canada reported that real GDP grew in April after contracting in March. At the same time, uncertainty around North American trade policy continues to weigh on the broader economic outlook.

Overall, June showed a market that remains steady but is more divided beneath the surface. Supply is shaping conditions, but not overwhelming them, and the next phase of the market will depend on how well demand continues to absorb available listings across different property types.

“As we move through the summer market, the key story isn’t simply higher inventory; it’s how well demand continues to absorb that supply,” said OREB President Tami Eades. “Ottawa remains a fundamentally balanced market, but we’re seeing clear differences emerge between property types and neighbourhoods. That’s why buyers and sellers should focus less on citywide headlines and more on local market conditions. Working with a REALTOR® who understands those micro-market dynamics is more valuable than ever.”

Residential Market Activity - In June, 1,518 homes were sold through the MLS® System in Ottawa, a 4.9% decrease compared to June 2025. While sales were lower than May’s 1,616, that decline is consistent with the normal transition from the spring market into the early-summer period.

Sales activity varied by property type. Single-family homes continued to account for the largest share of activity, with 879 sales in June, down 1.8% from a year earlier. Townhouse sales totalled 429, down 7.3%, while apartment-style properties recorded 178 sales, down 14.0%.

This reinforces the property-type divide that has been building through the first half of the year: single-family demand has been steadier, while townhomes and especially apartments have carried more of the market softness.

Year to date, 6,969 homes have sold in Ottawa, down 6.1% from the same period in 2025. Total dollar volume was $4.9 billion, down 6.2% year over year. The year-to-date figures point to a market that remains active, but still below last year’s sales pace as the first half of 2026 comes to a close.

Prices and Market Balance - June’s price story was about how supply is being absorbed across different parts of the market. The average price was higher than a year ago, while the median price and benchmark measures were softer, suggesting that property mix continued to influence the headline numbers.

New listings were up year over year, active listings continued to rise, and the sales-to-new-listings ratio settled at 48.8%. Months of inventory reached 3.3, up from 2.8 last June. These figures remain consistent with balanced-market conditions.

Importantly, the additional supply has not translated into a broad weakening in transaction conditions. The sale-to-list price ratio remained at 98.5%, unchanged from June 2025, while the median days on market rose only modestly from 19 to 22 days. That suggests Ottawa is seeing more pricing discipline, not a complete shift in market conditions.

The property-type split is the clearest market-balance signal. Single-family homes remained the most stable segment, with 2.8 months of inventory and the strongest sale-to-list ratio among the major property types.

Townhomes continued to adjust as listings accumulated, with active inventory up 27.6% from last June and months of inventory rising to 3.2.

Apartment-style properties (condos) remained the softest segment, with 5.3 months of inventory and weaker benchmark pricing than the broader market.

The MLS® Home Price Index, which helps adjust for changes in the mix of homes sold, reinforced this divide. The composite benchmark price was down 1.3% year over year, with single-family down 0.7%, townhomes down 3.9%, and apartments down 6.0%.

Overall, June does not point to a market-wide price correction. It points to a balanced market where elevated supply is creating more pricing pressure, and where the clearest signs of high-supply effects remain concentrated in townhomes and apartment-style properties rather than across Ottawa as a whole.

Alberta - High-density Supply Impacts Apartment Condominium Prices

Calgary, July 2, 2026 – June sales in Calgary improved over May, reaching 2,197 units. Despite the monthly gains, sales were nearly four% lower than last year and just below the long-term average for June, largely due to pullbacks in apartment-style units. While sales are down across most price ranges so far this year, there have been gains in both the highest price ranges and the most affordable ranges across most property types. “The easing of demand for resale homes does not come as a surprise given the recent decline in migration, which is impacting both rental and ownership demand for higher-density homes. The bigger change in our market relates to inventory, which has been on the rise in the rental, resale and new-home markets following several consecutive years of record-high housing starts,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Inventory growth has mostly occurred in high-density homes, resulting in buyer’s market conditions and steep price adjustments for condominium apartments. While it will take time to absorb the high-density supply, detached supply growth has been limited and some districts are reporting record-high prices.”

New listings are starting to pull back compared with 2025 and the sales-to-new-listings ratio rose to 56%. This has slowed the pace of inventory growth in the market and kept the months of supply at just over three months. This is considered a balanced range in the city, but conditions vary across property types. The apartment condominium sector is experiencing buyer’s market conditions, with the months of supply at nearly five months and a sales-to-new-listings ratio of 45%.

The range of conditions is also impacting prices. In June, the unadjusted benchmark price was $572,500, up over the previous month and two% below levels reported last June. However, apartment-style properties have reported an annual decline nearing nine%, leaving condominium prices in June at $299,000. Meanwhile, the benchmark price for a detached home rose over the previous month, reaching $750,500, one% below last year’s level, with most of the adjustments driven by specific pockets of the market.

Detached - Sales activity in June reached 1,202 units, in line with last year’s levels, as gains for homes priced over $1,000,000 and under $600,000 offset pullbacks in the other price ranges. Sales growth in these segments was partly supported by increases in new listings and inventory growth in those same ranges. While overall inventories have remained in line with last year’s levels and conditions remain relatively balanced, the pullback in new listings this month caused the sales-to-new-listings ratio to rise to 60%. Despite balanced conditions citywide, the North East and East districts are experiencing excess supply relative to demand. In these districts, the months of supply is elevated and the sales-to-new-listings ratio is below 50%.

Relatively balanced conditions have supported monthly price gains since the start of the year. It is only the City Centre and West districts that have recorded enough of these gains to reach record-high prices in June. The West district, which has also been experiencing seller’s market conditions, has reported the strongest year-over-year growth at nearly four%. Meanwhile, buyer’s market conditions in the North East are contributing to price declines nearing seven%. As of June, the citywide benchmark price was $750,500, up over the previous month and over one% lower than last year.

Semi-detached - Improving sales in June were nearly enough to offset earlier pullbacks, leaving year-to-date sales down by only one% compared with last year. The 234 sales in June were met with 363 new listings, pushing the sales-to-new-listings ratio back above 60% and slowing the pace of inventory growth compared with earlier in the year. With two and a half months of supply, conditions remained relatively balanced and continued to support stable prices.

In June, the unadjusted benchmark was $694,600, up over the previous month and similar to levels reported last June. Similar to the detached sector, price movements vary significantly across the city. Compared with last year, prices have improved in the North West, West and City Centre districts, reaching a new record high in June, while the steepest declines occurred in the North East at nearly six%.

Row - June saw a pullback in both sales and new listings activity, causing the sales-to-new-listings ratio to rise to 55%. This prevented any further gains in inventory levels, which remain above long-term trends. With 1,152 units in inventory and 338 sales this month, the months of supply sat at nearly three and a half months. While this is higher than both the detached and semi-detached sectors, it remains within the upper end of a balanced range.

Additional supply choice has led to price adjustments. Year-over-year declines have occurred across all districts, ranging from two% in the South to 10% in both the North East and East districts. Unadjusted prices improved in June over the previous month, as gains in the City Centre, North West and South districts offset pullbacks in the East, North East, West and South East districts.

Apartment condominium - Sales in June continued to fall compared with last year, causing year-to-date sales to decline by 26% to a total of 2,260 units. While new listings eased this month, the 931 new listings and 423 sales kept the sales-to-new-listings ratio at 45%. In June, inventory levels reached 2,076 units – slightly lower than last June’s level but more than 24% above typical inventory levels. This kept the months of supply at around five months, contributing to further price adjustments.

In June, the unadjusted benchmark price was $299,000, down over the previous month and nearly nine% lower than last year. Prices have declined across all districts, with decreases exceeding 14% in the North East and East districts. The smallest decline occurred in the North West district at 7.5%.

British Columbia - Market Activity Shows Encouraging Signs of Improvement

Vancouver, July 13, 2026 --The British Columbia Real Estate Association (BCREA) reports that 7,225 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in June 2026, up 0.9% from June 2025. The average MLS® residential price in BC in June 2026 was down 0.8% at $946,878 compared to $954,712 in June 2025.

Total MLS® residential sales dollar volume was $6.84 billion, up 0.1% from the same time the previous year. BC MLS® unit sales were 18.4% lower than the ten-year average for the month of June.

“Sales rose year-over-year in June for the first time since September 2025, driven by stronger activity in the Greater Vancouver area,” said BCREA Chief Economist Brendon Ogmundson. “We hope this marks the beginning of a stronger second half of the year across BC housing markets as sales converge to more normal levels following several years of unexpected global shocks.”

Year-to-date, BC residential sales dollar volume is down 6.4% to $31.96 billion, compared with the same period in 2025. Residential unit sales are down 5.4% year-over-year at 33,886 units, while the average MLS® residential price is also down 1.1% to $943,249.