Market momentum carrying into warmer months, though interest rate uncertainty and evolving trade talks continue to weigh on consumer confidence

Second quarter highlights:

• In the second quarter of 2026, the national aggregate home price decreased 1.4% year over year; increased just 0.2% compared to the first quarter.
• The Greater Toronto and Vancouver markets recorded year over year declines of 4.6% and 4.5%, respectively, in Q2. On a quarterly basis, however, prices showed signs of stabilization.
• Quebec City’s record performance begins to cool; region posts quarter-over-quarter price decline for the first time in more than three years.
• Final remnants of ultra-low, pandemic-era mortgages will come up for renewal by the end of 2027.

TORONTO, July 14, 2026 /CNW/ – Following a slow start shaped by a prolonged winter and lingering economic unease, Canada’s spring housing market began to find its footing in May, with momentum carrying into June.

According to the Royal LePage^® House Price Survey and Market Forecast released today, the aggregate¹ price of a home in Canada decreased 1.4 per cent year over year to $814,900 in the second quarter of 2026. On a quarter-over-quarter basis, however, the national aggregate home price remained flat, increasing a modest 0.2 per cent.

“After a sluggish first quarter, the spring housing market finally got rolling in May. Several regions are now seeing that uptick in momentum carry into summer, as buyers who held back earlier in the year re-enter the market,” said Phil Soper, president and CEO, Royal LePage. “In many cases, what has kept consumers on the sidelines is not a lack of interest, but a lack of urgency. In markets where inventory levels remain elevated, homebuyers have the luxury of time, browsing at their own pace until the right property comes along. That measured approach is reinforced by a persistent backdrop of economic uncertainty, which continues to shape how and when many Canadians decide to move.”

In May, Canada’s Consumer Price Index (CPI) rose 3.2 per cent year over year, up from 2.8 per cent in April,² the highest reading since January 2024. The acceleration has been largely driven by rising energy prices, which continue to reflect the impact of hostilities in the Middle East. Bank of Canada Governor Tiff Macklem indicated in June, however, that inflationary pressures have not spread broadly in a way that would signal a wider rise in general inflation.³ The Bank of Canada’s key lending rate remains at 2.25 per cent, untouched since October 2025. 

“Should rising inflation become more widespread, the Bank may be compelled to raise rates again,” said Soper. “What our regional experts tell us, however, is that a modest rate increase is unlikely to set off alarm bells. This is not the post-pandemic era, when steep and rapid rate surges sent shock waves through the market. Today’s buyers are thinking strategically, weighing broader risks to their employment and the economy, rather than reacting to incremental rate moves.”

On July 1st, the United States declined to extend the Canada-United States-Mexico Agreement (CUSMA) for a new 16-year term, triggering a period of annual reviews that will run until the agreement’s scheduled expiry in 2036. While the agreement remains in force for now, the decision introduces a prolonged negotiating period. For businesses across the continent, that uncertainty is unlikely to ease anytime soon.

“For Canadian consumers, ambiguity surrounding CUSMA is another reason to pause and reassess before making major financial commitments, including the decision to buy or sell a home. Even though most are not directly impacted through their employment, we know that trade-related anxiety is enough to weigh on consumer confidence,” said Soper.

“Still, we are optimistic that Canada’s strong economic foundation will keep the fall market on track. Pent-up demand from buyers and sellers who sat out earlier this year continues to build. The fundamental desire to own a home has not gone away – it has simply been deferred.”

Shrinking price gap between most and least expensive markets

The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 65 of the nation’s largest real estate markets. When broken out by housing type, the national median price of a single-family detached home decreased 0.9 per cent year over year to $862,400, while the median price of a condominium decreased 2.9 per cent to $574,800. On a quarter-over-quarter basis, the median price of a single-family detached home increased modestly by 0.6 per cent, while the median price of a condominium decreased 0.5 per cent. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company.

In the second quarter, the aggregate price of a home decreased 4.5 per cent year over year in Greater Vancouver and declined 4.6 per cent in the Greater Toronto Area (GTA), although prices in the GTA have been inching upward on a monthly basis since the start of the year. Elsewhere in the country, limited supply has kept upward pressure on home prices.

“The price gap between Canada’s most expensive and most affordable markets continues to narrow. Softening home prices in our largest and most costly cities are making these markets more accessible, opening the door for buyers who may have previously been priced out. Meanwhile, secondary markets that did not experience drastic pandemic price increases followed by sharp declines, have continued to record steady home price gains,” added Soper. “For newcomers to Canada and first-time buyers already living in British Columbia’s lower mainland and Ontario’s Greater Golden Horseshoe, the calculus is shifting. Looking ahead, this could translate into less interprovincial migration than we have become accustomed to this decade.”

According to Royal LePage’s 2026 Most Affordable Canadian Cities Report, half of Canadians living in the greater regions of Toronto, Montreal and Vancouver (51%) say they would consider buying a primary residence in one of Canada’s 15 most affordable cities, if they were able to find a job locally or work remotely.⁴

Soper noted: “For many Canadians, the question is no longer simply whether they can afford a home, but where they can achieve the best balance of affordability, career opportunity and quality of life. If this trend continues, the financial incentive to relocate will diminish, and we can expect fewer households to seriously consider moving solely in pursuit of lower housing costs.”

Pandemic-era mortgage renewals near finish line

Canadian mortgage holders are approaching the end of a multi-year renewal cycle rooted in ultra-low pandemic-era rates.

Over the next year, the last of the five-year, fixed-rate mortgages taken out during the pandemic will come up for renewal, representing approximately 12 per cent of all outstanding mortgages, according to the Bank of Canada.⁵ On average, these borrowers can expect their monthly payments to increase by 15 per cent.

“The over-blown pandemic mortgage renewal scare is all but over and most Canadians have weathered the storm. By the middle of next year, virtually all borrowers facing significant payment increases will have renewed. While most will be able to manage the adjustment, a small subset of homeowners face a more challenging road, particularly in higher-priced markets where home prices have taken a more sustainable dip in recent years,” said Soper.

“That said, the numbers remain small enough that we do not expect a meaningful impact on the broader housing economy. National mortgage delinquency rates remain low by historical standards, meaning that most borrowers have been able to absorb higher payments without falling behind and have been able to successfully refinance. Rising incomes and a resilient labour market continue to work in homeowners’ favour. And, strict mortgage stress test rules mean borrowers would have qualified at a much higher rate than they actually paid when they took out those mortgages.”

As of the fourth quarter of 2025, the national mortgage delinquency rate in Canada is 0.24 per cent.⁶

Rental market realities

The average asking rent in Canada declined 4.7 per cent year over year in May to $2,027, marking the 19th consecutive month of year-over-year declines, according to Rentals.ca.⁷ Easing rents, due primarily to an increase in new rental supply, has prompted landlords to offer more incentives to attract tenants. Rental apartment completions in early 2026 are also tracking ahead of the same period last year, according to the CMHC, further improving market conditions for renters.

“While renting remains an attractive option for more than a third of Canadians, the desire to own has not diminished, particularly among younger Canadians who see home ownership as a long-term goal,” said Soper. “For those who can manage monthly carrying costs but are unable to qualify for a mortgage today, a rent-to-own program – such as the one available through Royal LePage’s Requity Homes offering are working to help more Canadians achieve their real estate goals, including newcomers and self-employed buyers, allowing them to work toward ownership on their own timeline.”

Forecast

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 2.0 per cent in the fourth quarter of 2026, compared to the same quarter last year. The previous forecast has been upgraded to reflect home price gains in markets where demand continues to outstrip supply.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2026    
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2026 

REGIONAL SUMMARIES

Greater Toronto Area

The aggregate price of a home in the Greater Toronto Area (GTA) decreased 4.6 per cent year over year to $1,101,700 in the second quarter of 2026. On a quarterly basis, however, the aggregate price of a home in the GTA increased a modest 0.9 per cent.

Broken out by housing type, the median price of a single-family detached home decreased 3.6 per cent year over year to $1,396,500 in the second quarter of 2026, while the median price of a condominium decreased 5.7 per cent to $660,000 during the same period.

“After a slow start to the year, we are finally starting to see a turnaround in the GTA market. Conditions are tightening; we’ve seen consistent improvement in activity levels from one month to the next and a decline in new listings, causing prices to slowly inch upward. We’ve even begun to see improvement in the condo market, with sales up slightly over last year,” said Shawn Zigelstein, broker and leader of Team Zold, Royal LePage Signature Realty. “While the region remains in a buyers’ market, momentum began shifting toward balanced conditions in the second quarter, in line with our expectations for a gradual recovery. That said, economic uncertainty and geopolitical tensions continue to weigh on consumer confidence, keeping many would-be buyers on the sidelines. Meanwhile, sellers are listing only when they absolutely have to, which is contributing to shrinking supply levels.”

Zigelstein noted that the late arrival of warm weather brought with it a spark of renewed energy from the first-time buyer segment.

“First-time homebuyers are beginning to come alive again. Improving affordability is drawing some of them back into the market, though many remain cautious. What this segment of the market needs most is more well-priced inventory, although a majority still rely on family support for their down payment,” he added.

In the city of Toronto, the aggregate price of a home decreased 2.7 per cent year over year to $1,120,800 in the second quarter of 2026. Meanwhile, the median price of a single-family detached home decreased 9.8 per cent year over year to $1,515,000, while the median price of a condominium decreased 2.5 per cent to $658,600.

“Looking ahead, we expect activity to continue increasing, with the exception of the condo market, which is likely to remain soft given elevated inventory and selling pressure from investors. If supply continues to decline and pent-up demand remains significant, particularly among move-up buyers who delayed decisions over the past two years, we could see more competitive conditions come the fall.”

Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will decrease 2.0 per cent in the fourth quarter of 2026, compared to the same quarter last year. The previous forecast has been revised upward to reflect current market conditions.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2026    
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2026     

Greater Montreal Area

The aggregate price of a home in the Greater Montreal Area increased 4.9 per cent year over year to $650,500 in the second quarter of 2026. On a quarterly basis, the aggregate price of a home in the region increased modestly by 0.7 per cent.

Broken out by housing type, the median price of a single-family detached home increased 5.7 per cent year over year to $760,800 in the second quarter of 2026, while the median price of a condominium increased 3.2 per cent to $495,800 during the same period.

According to Marc Lefrançois, chartered real estate broker, Royal LePage Tendance, the market is characterized by a clear divide between the vibrancy of the suburbs and the complexity of the Island of Montreal. “Activity remains very strong on the South Shore and North Shore despite the odd localized slowdown. Thanks to a lack of inventory, these areas clearly favour sellers,” he observed. On the other hand, Montreal is still feeling the effects of urban exodus. “Even though the migration due to remote working has ceased, households that have settled on the outskirts are not returning,” said Lefrançois. “Only the luxury property market is revitalizing activity in the city, thanks to a clear return of consumer confidence and liquidity in Westmount, Outremont and Mont-Royal.” 

Sales figures show that the single-family home market in Montreal has demonstrated remarkable resilience in the face of an overall increase in supply. “Historically, the Montreal market has had very few properties available. However, rising interest rates led to a gradual increase in available inventory last year, an upward trend that accelerated sharply in late spring and early summer,” noted Lefrançois. Despite this gradual build-up in housing stock, demand remains strong and the number of buyers continues to outstrip supply, maintaining upward pressure on prices. By contrast, the condominium market is facing major challenges and a historic glut of units.

“Since the pandemic, the number of condo units for sale has been rising steadily, reaching a critical high on the island, whilst the volume of transactions has stagnated, causing the absorption rate to fall well below the threshold for market balance,” he added. However, the situation varies considerably from one neighbourhood to another: “The Ville-Marie area, due to a surplus of unsold new build projects, as well as Île-des-Sœurs and Griffintown, are experiencing significant oversupply, while more sought-after areas such as Villeray, Verdun and Le Plateau are showing greater resilience, although signs of a slowdown are also beginning to be felt there.”

In Montreal Centre, the aggregate price of a home increased 3.5 per cent year over year to $808,500 in the second quarter of 2026. During the same period, the median price of a single-family detached home increased 5.1 per cent to $1,245,400, while the median price of a condominium increased 2.1 per cent to $596,300. 

Regarding economic and political factors, the outlook for the end of the year calls for caution, as the stability expected during the summer could give way to a climate of uncertainty in the fall. “On the political front, the upcoming provincial elections raise the possibility of a minority government and a surge in support for the Parti Québécois, which could reignite traditional tensions between federalists and sovereigntists and impact the business climate, particularly within the English-speaking community,” said Lefrançois. “Added to this local uncertainty are international risk factors, including economic instability due to free-trade negotiations with the United States, which are likely to dampen buyer enthusiasm and slow down the market overall.”

Royal LePage is forecasting that the aggregate price of a home in the Greater Montreal Area will increase 5.0 per cent in the fourth quarter of 2026, compared to the same quarter last year.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2026    
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2026     

Greater Vancouver

The aggregate price of a home in Greater Vancouver decreased 4.5 per cent year over year to $1,164,100 in the second quarter of 2026. On a quarterly basis, the aggregate price of a home in the region decreased modestly by 0.9 per cent.

Broken out by housing type, the median price of a single-family detached home decreased 5.2 per cent year over year to $1,649,200 in the second quarter of 2026, while the median price of a condominium decreased 5.1 per cent to $721,000 during the same period.

“While we’re still below typical seasonal trends, momentum has been consistently improving, with sales activity steadily ticking upward month-over-month. Right now, accuracy in pricing is everything. We’re seeing listings that have been on the market for a while suddenly attracting multiple offers because the value is clear. Still, a significant number of homes remain overpriced,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty. “The reality is homes must be priced aggressively in this market. Some sellers are holding out for an elusive buyer rather than pulling their homes off the market, but overpriced properties are being largely ignored.”

In the city of Vancouver, the aggregate price of a home decreased 5.0 per cent year over year to $1,340,800 in the second quarter of 2026. Meanwhile, the median price of a single-family detached home decreased 5.7 per cent to $2,128,000, while the median price of a condominium declined 7.9 per cent to $748,100.

“Interestingly, there is a highly educated buyer pool out there right now. They are ready to transact – and even willing to compete – when they see a well-presented, competitively-priced home. However, this targeted enthusiasm hasn’t translated to all property types. The new condo and apartment segments remain quite slow, with some new developments being cancelled and buyers hesitating on pre-sale closings. This is largely driven by ongoing discomfort surrounding the broader economy, job security and geopolitical uncertainty,” said Ryalls.

“June marked a significant improvement in home sales, up about 10 per cent from a year ago. We don’t expect a big run-up over the summer, but the fall could be more active. July and August are typically slow as people head out on vacation, so we anticipate sales will flatten out before hopefully picking back up in the fall,” he noted. “We know that many buyers are still sitting on the sidelines, but timing the market is very difficult. The reality is we are likely at or very near the bottom for both fixed-rate mortgages and home prices. Prudent buyers should recognize that conditions for entering the market or making a move-up purchase are optimal.”

Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will decrease 3.5 per cent in the fourth quarter of 2026, compared to the same quarter last year.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2026    
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2026     

Ottawa

The aggregate price of a home in Ottawa increased 1.0 per cent year over year to $789,800 in the second quarter of 2026. On a quarterly basis, the aggregate price of a home in the region increased 1.8 per cent.

Broken out by housing type, the median price of a single-family detached home increased 1.2 per cent year over year to $904,300 in the second quarter of 2026, while the median price of a condominium decreased 1.1 per cent to $402,900 during the same period.

“Ottawa’s second quarter got off to a slow start, with spring market activity building more gradually than anticipated,” said John Rogan, broker of record, Royal LePage Performance Realty. “Home prices have inched up slightly, despite sales activity being lower than the same period last year. Inventory has held at balanced levels, suggesting the recent slowdown has been driven more by softer buyer demand than by supply constraints.”

Rogan noted that move-up buyers have remained active throughout the second quarter, while first-time buyers have been slower to enter the market amid ongoing economic uncertainty.

“There are a few reasons young buyers are holding off on their plans,” added Rogan. “Government talk of downsizing has created some hesitation among Ottawa buyers who are not certain how it will affect them, and broader economic and employment uncertainty is keeping many cautious and slower to commit to a purchase. Looking ahead, we expect fairly typical summer market activity, with potential for a busy fall if consumer confidence improves.”

Royal LePage is forecasting that the aggregate price of a home in Ottawa will increase 3.0 per cent in the fourth quarter of 2026, compared to the same quarter last year. The previous forecast has been revised upward to reflect current market conditions.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2026    
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2026     

Quebec City

The aggregate price of a home in Quebec City increased 6.1 per cent year over year to $465,800 in the second quarter of 2026. On a quarterly basis, the aggregate price of a home in the region decreased 2.0 per cent. This is the first quarter in more than three years that the region has recorded a drop in the aggregate price.

Broken out by housing type, the median price of a single-family detached home increased 6.3 per cent year over year to $497,800 in the second quarter of 2026, while the median price of a condominium increased 4.6 per cent to $343,400 during the same period.

According to Michèle Fournier, vice-president and real estate broker, Royal LePage Inter-Québec, the second quarter of 2026 saw a slowdown compared to initial expectations. “The market has eased considerably and we are seeing far fewer multiple offers than before, although buyers remain present and active. The trend is one of caution: many buyers are now refusing to get involved in bidding wars and prefer to wait, while others are submitting aggressive, short-notice offers to avoid competition,” she noted. “In short, we saw an overall lull, followed by a very modest recovery in late spring, without any notable spike in activity.”

Sales activity and price trends reflect this slowdown, while inventory levels remain low across the region. “This scarcity of available supply is maintaining slight upward pressure on property values, but price growth has slowed considerably compared to previous quarters,” noted Fournier. This lull is mainly due to a material shift in buyer sentiment, as they have become much more cautious. “Economic uncertainty is now a factor, prompting households to exercise caution and ruling out impulse purchases. The decline in multiple offers is direct evidence of this, with the exception of particularly attractive properties listed below market price,” she added. Furthermore, a more abundant supply of rental properties is helping to reduce the sense of urgency among tenants looking to buy their first home.

For the summer market, Fournier anticipates a quiet period, where a slight dip in activity cannot be ruled out. “The elections at the end of the summer are likely to put the market on hold, as election periods fuel buyers’ uncertainty when it comes to financial decisions,” she explained. In light of this economic instability and job cuts in the civil service – a key sector in the region – price growth forecasts for the end of the year have been revised downward to more accurately reflect the new reality of the local property market in Quebec City.

Royal LePage is forecasting that the aggregate price of a home in Quebec City will increase 8.0 per cent in the fourth quarter of 2026, compared to the same quarter last year.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2026    
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2026 

Calgary

The aggregate price of a home in Calgary remained flat year over year in the second quarter of 2026, decreasing just 0.2 per cent to $695,300. On a quarterly basis, however, the aggregate price of a home in the region increased 0.9 per cent.

Broken out by housing type, the median price of a single-family detached home increased 1.0 per cent year over year to $814,600, in the second quarter of 2026, while the median price of a condominium decreased 4.0 per cent to $258,600 during the same period.

“Calgary saw a traditional spring market, with activity picking up steadily from March through June. Though sales remain down roughly 11 per cent compared to 2025, stable interest rates, a stable energy sector, and healthy consumer confidence allowed the market to remain overall fairly balanced,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “Competition remains concentrated largely in the detached segment below the $700,000 mark and for homes priced over $1.5 million. On the condominium side, however, conditions have been softer. A few years ago, rental vacancy sat at historic lows and builders moved quickly to add supply. With restrictions on foreign investment and a sharp decline in international students, demand shifted just as that new supply was coming to market, resulting in a surplus of inventory in the rental apartment, and new and resale condominium markets.”

Lyall noted that first-time buyers remain one of the most active segments in the market. Calgary’s relative affordability continues to draw buyers from other provinces, sustaining a steady stream of interprovincial demand.

“As the Calgary Stampede kicks off, marking the unofficial start of summer, we will naturally see activity taper off heading into the fall,” added Lyall. “While condominium prices will face some downward pressure as supply remains abundant, we should see modest price growth in the detached segment in the second half of the year, as buyers continue to compete for desirable homes.”

Royal LePage is forecasting that the aggregate price of a home in Calgary will increase 2.5 per cent in the fourth quarter of 2026, compared to the same quarter last year. The previous forecast has been revised upward to reflect current market conditions.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2026    
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2026     

Edmonton

The aggregate price of a home in Edmonton decreased a modest 0.4 per cent year over year to $482,400 in the second quarter of 2026. On a quarterly basis, however, the aggregate price of a home in the region increased 2.1 per cent.

Broken out by housing type, the median price of a single-family detached home was essentially flat, increasing just 0.1 per cent year over year to $531,700 in the second quarter of 2026, while the median price of a condominium decreased 3.7 per cent to $209,600 during the same period.

“Despite softer sales levels compared to 2025, home prices have held reasonably steady. The spring market got off to a slow start, with peak activity shifting later into May and June as economic uncertainty and a prolonged winter kept many buyers on the sidelines,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “First-time buyers and newcomers remain an active presence in the market, many drawn to the city for employment opportunities and its relative affordability. Move-up buyers are also becoming increasingly active, particularly among those who purchased during the post-pandemic era and are now outgrowing their space.”

Shearer added that Edmonton’s luxury market has been gaining momentum. Established neighbourhoods are evolving as homeowners invest heavily in renovations, raising the bar for the surrounding area. Buyers are increasingly willing to pay a premium for proximity to these desirable communities, drawn by the lifestyle and amenities, established character, and ease of access to the city’s downtown core.

“We expect market activity to ease gradually through the summer rather than drop off sharply, with momentum carrying into the early weeks of the third quarter and keeping modest upward pressure on prices,” added Shearer. “Given the softer spring, that carried-over demand will likely translate into a busier fall market as buyers who held back earlier in the year finally make their move.”

Royal LePage is forecasting that the aggregate price of a home in Edmonton will increase 4.0 per cent in the fourth quarter of 2026, compared to the same quarter last year. The previous forecast has been revised upward to reflect current market conditions.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2026    
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2026   

Halifax

The aggregate price of a home in Halifax decreased modestly by 0.5 per cent year over year to $528,600 in the second quarter of 2026. On a quarterly basis, however, the aggregate price of a home in the region increased 0.6 per cent.

Broken out by housing type, the median price of a single-family detached home was essentially flat, decreasing just 0.2 per cent year over year to $605,600 in the second quarter of 2026, while the median price of a condominium decreased 2.2 per cent to $399,100 during the same period.

“Our spring market got off to a delayed start compared to previous years, with momentum not building until late April. Lingering winter weather, interprovincial transfer taxes, and broader economic uncertainty all weighed on the market’s natural seasonal lift,” said Matt Honsberger, broker and owner, Royal LePage Atlantic. “As activity picked up, new listings followed, but a general sense of hesitation has taken hold. Consumers are not entirely disinterested, but the absence of urgency is keeping inventory well stocked. Continued investment in new construction and high-rise rental developments is adding further to that supply, expanding the pool of options for both buyers and renters.”

Honsberger added that the market continues to be driven largely by local first-time buyer demand. Out-of-province buyers have pulled back as return-to-office mandates reduce the flexibility that once made relocation more viable. Some of that demand is expected to return, however, as increased federal defence spending brings military personnel and their families to bases across the region.

“A late spring should translate into a more active summer than usual, with July likely bringing more listings – and more buyers – to the market,” noted Honsberger. “Flat rental costs remain a persistent challenge, dampening the urgency for renters to transition into ownership. That said, competition for desirable listings will likely sustain moderate upward pressure on prices as we head into the fall.”

Royal LePage is forecasting that the aggregate price of a home in Halifax will increase 4.0 per cent in the fourth quarter of 2026, compared to the same quarter last year.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2026    
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2026 

Winnipeg

The aggregate price of a home in Winnipeg increased 3.2 per cent year over year to $429,400 in the second quarter of 2026. On a quarterly basis, the aggregate price of a home in the region rose 1.2 per cent.

Broken out by housing type, the median price of a single-family detached home increased 2.6 per cent year over year to $470,400 in the second quarter of 2026, while the median price of a condominium increased 2.1 per cent to $277,700 during the same period.

“Winnipeg’s spring market performed largely as expected, with activity building steadily through May before beginning to level off in June, signalling the seasonal market peak,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “Sales activity softened modestly compared to the same period last year, while new listings increased more meaningfully, providing buyers with more choice. Despite lower sales volumes, home prices continued to post modest year-over-year gains due to limited inventory.”

Froese noted that detached home sales in recent months were slightly lower than a year ago, while the condominium segment remained relatively stable. After an exceptionally tight start to the year, inventory levels began to improve in the second half of May and are now sitting well above last year’s levels.

“Limited supply and healthy buyer demand supported price growth through much of the spring market, although affordability pressures have made some buyers more cautious,” added Froese. “Changes to immigration policy are also beginning to influence market dynamics, particularly among investors. As a result of reduced international student enrollment and tighter restrictions on temporary residents, some investors are reassessing their exposure, and the impact is being factored into both rental pricing and new development activity.

“Looking ahead, I expect the market to follow its typical seasonal pattern, with sales activity easing through the summer months and continuing to moderate into the fall.”

Royal LePage is forecasting that the aggregate price of a home in Winnipeg will increase 5.0 per cent in the fourth quarter of 2026, compared to the same quarter last year. The previous forecast has been revised upward to reflect current market conditions.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2026    
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2026 

Regina

The aggregate price of a home in Regina increased 1.8 per cent year over year to $405,300 in the second quarter of 2026. On a quarterly basis, the aggregate price of a home in the region rose 1.9 per cent.

Broken out by housing type, the median price of a single-family detached home increased 1.5 per cent year over year to $447,300 in the second quarter of 2026, while the median price of a condominium increased 5.6 per cent to $233,500 during the same period.

“Regina’s spring market performed slightly better than expected this year, with buyer demand remaining resilient despite ongoing affordability challenges for local buyers,” said Chad Ehman, sales representative, Royal LePage Next Level. “Detached homes, particularly in the entry-level and mid-range segments, continued to attract strong interest, with multiple-offer scenarios remaining common across many well-priced and attractive listings.”

Ehman noted that inventory remained below long-term historical averages through the second quarter, as new listings were generally absorbed quickly. Continued population growth and in-migration to Regina and other parts of Saskatchewan have helped sustain market activity, even as affordability pressures continue to challenge some first-time buyers.

“Looking ahead, I expect sales activity to remain steady through the summer months, with the strongest demand continuing in the entry-level detached segment,” added Ehman. “Home prices are likely to remain stable or increase modestly, supported by limited inventory and consistent demand. Well-priced properties continue to perform best in today’s market, attracting ample buyer interest and competitive activity.”

Royal LePage is forecasting that the aggregate price of a home in Regina will increase 4.0 per cent in the fourth quarter of 2026, compared to the same quarter last year.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2026    
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2026 

For other regional releases, click here.

About the Royal LePage House Price Survey

The Royal LePage House Price Survey provides information on the most common types of housing, nationally and in 65 of the nation’s largest real estate markets. Housing values in the Royal LePage House Price Survey are based on the Royal LePage Canadian Real Estate Market Composite, produced quarterly through the use of company data in addition to data and analytics from partner company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Additionally, commentary on housing market trends and data on price and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.

About Royal LePage

Serving Canadians since 1913, Royal LePage is the country’s leading provider of services to real estate brokerages, with a network of approximately 20,000 real estate professionals in over 670 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage^® Shelter Foundation™, which has been dedicated to supporting women’s shelters and domestic violence prevention programs for more than 25 years. Royal LePage is a Bridgemarq Real Estate Services^® company, a TSX-listed corporation trading under the symbol TSX:BRE. For more information, please visit www.royallepage.ca.

Royal LePage^® is a registered trademark of Royal Bank of Canada and is used under licence by Bridgemarq Real Estate Services^®.

SOURCE Royal LePage Real Estate Services