Canada Housing Market: The national average home price dipped 2.6% Y/Y to approximately $652,941 – January 2026
Housing Market Highlights: Average House Prices in Calgary, Edmonton, Halifax, Montreal, Ottawa, Saskatoon, Toronto, Vancouver, Winnipeg
The Canadian housing market in January 2026 opened the year on a subdued note, influenced heavily by severe winter weather, particularly a historic snowstorm in southern Ontario that disrupted activity across much of Central Canada. Nationally, home sales declined 5.8 percent month-over-month (seasonally adjusted) and 16.2 percent year-over-year, while new listings rose 7.3 percent, pushing the sales-to-new-listings ratio to 45 percent and months of inventory to 4.9. The national average home price dipped 2.6 percent year-over-year to approximately $652,941, with the MLS Home Price Index falling 4.9 percent annually amid ongoing softness in larger markets. Despite the slow start, forecasts for 2026 point to a modest recovery driven by pent-up demand from first-time buyers, stable interest rates, and gradual improvements in affordability, though challenges like economic uncertainty, trade issues, and high construction costs continue to temper expectations. Regional variations remained pronounced, with some Prairie and Quebec markets showing resilience while Ontario and British Columbia faced greater pressure.
Housing Market in Major Canadian Cities – January 2026
| CANADA: AVERAGE HOUSE PRICES – JANUARY 2026 | ||
| CITY | AVERAGE HOUSE PRICE | Y/Y % Change |
| Calgary | $555,500 | -3.2% |
| Edmonton | $409,000 | -0.5% |
| Halifax-Dartmouth | $545,200 | -0.7% |
| Montreal CMA | $579,900 | 5.7% |
| Ottawa CMA | $606,700 | -1.9% |
| Quebec CMA | $437,400 | 14.8% |
| Saskatoon | $417,800 | 4.3% |
| Greater Toronto | $935,200 | -8.1% |
| Greater Vancouver | $1,101,900 | -5.7% |
| Winnipeg | $382,100 | 5.6% |
| Source: CREA 2026 | ||
In Calgary, the housing market in January 2026 showed signs of stabilization after a slowdown in late 2025. Average home prices held steady at around $607,000, with a modest year-over-year increase of 0.3 percent, while segmented prices included detached homes at $780,721 (up 0.1 percent year-over-year) and apartments at $331,896 (down 6 percent). Sales volume was 1,234, down 15 percent from the previous year but aligned with seasonal norms, amid balanced inventory levels. Trends indicate a shift toward buyer-friendly conditions, supported by strong local GDP growth projected at 2.6 percent for the year.
In Edmonton, January 2026 reflected continued moderate growth in the housing sector. Average prices reached $455,000, up 4.5 percent year-over-year, with detached homes at $556,752 (down 0.8 percent) and condos at $225,671 (up 11 percent). Sales dipped in December 2025 by 7.9 percent annually, suggesting a potential carryover into early 2026, with inventory remaining constrained. Key trends point to affordability driving demand in Alberta’s positive economic environment, with GDP growth expected at 2.5 percent.
In Halifax, the housing market in January 2026 maintained upward momentum despite national cooling. Average prices stood at approximately $596,000, up 6.4 percent year-over-year, while median single-family homes were around $435,000. Sales increased 6.4 percent annually in December 2025, with months of supply at 5.4 provincially. Trends highlight recovering inventory (up 36 percent recently) but persistent price climbs, making it a resilient market in Atlantic Canada.
In Montreal, January 2026 data indicated a robust yet moderating market. Average prices were $675,000, up 8.7 percent year-over-year, with single-family homes at $615,000 (up 4 percent) and condos at $428,000 (up 1.9 percent). Sales totaled 5,868 in December 2025, down 11.8 percent annually, amid 5.4 months of supply provincially. Trends show strong performance in Quebec, with prices expected to rise further but at a slower pace due to high inventory in urban centers.
In Ottawa, the housing market in January 2026 experienced subdued activity. Average prices hovered at $659,000, with single-family homes at $793,874 and apartments at $388,307. No specific sales growth was reported for January, but national forecasts suggest muted gains amid falling prices in Ontario’s expensive areas. Trends include slower population growth impacting demand, with GDP projected to rise 1.7 percent, leading to a balanced but cautious market.
In Quebec City, January 2026 stood out as one of Canada’s hottest markets. Average prices reached $479,000, with median single-family homes at $455,000 and a year-over-year surge of 12 percent. Sales data from late 2025 showed seller-favored conditions, with no signs of cooling. Trends emphasize red-hot demand outpacing supply, bucking national declines and positioning the city for continued outperformance through the year.
In Saskatoon, the housing market in January 2026 displayed steady appreciation. Average prices were $418,000, up 4 percent year-over-year from December levels of $405,000. Provincial sales fell 26 percent month-over-month in December, with 4.3 months of supply. Trends reflect strong local demand in the Prairies, with affordable pricing and above-average activity compared to historical norms, though growth is moderating.
In Toronto, January 2026 highlighted ongoing cooling in the market. Average prices dropped to $1,007,000, down 5.7 percent year-over-year, with detached homes at $1,278,000 (down 7 percent) and condos at $605,000 (down 10 percent). Sales rose 10.1 percent annually in December to 3,697, with 4.6 months of supply. Trends point to high inventory and muted sales contributing to price declines, with recovery expected later in the year amid Ontario’s broader weakness.
In Vancouver, the housing market in January 2026 faced challenges from low activity. Average prices were $1,189,000, down 6.8 percent year-over-year, with detached homes at $2,066,000 (down 1.4 percent) and condos at $725,000 (down 10 percent). Sales fell 5.9 percent annually in December, marking one of the slowest months in decades. Trends indicate a buyer slowdown, with forecasts for modest recovery in British Columbia as supply constraints persist.
In Winnipeg, January 2026 showed positive but tempered growth. Average prices reached $395,000, with detached homes at $431,000 (up 4 percent year-over-year) and condos at $276,000 (up 10 percent). No specific January sales were detailed, but provincial trends suggest stable demand with 3.5 months of supply. Key trends include affordability supporting gains in Manitoba’s prairie market, with prices rising amid housing shortages and above-average activity.
In summary, January 2026 highlighted a cautious and weather-impacted beginning to the year for Canada’s housing market, reflecting broader trends of cooling demand in high-cost urban centers offset by steadier conditions in more affordable regions. While national activity and prices softened further, the underlying outlook suggests stabilization and mild growth through 2026, supported by returning buyer confidence and potential supply constraints later in the year. This divergence across cities underscores the importance of localized factors in shaping real estate dynamics amid a transitioning economic environment.
