Canada’s housing market showed renewed activity after a slow start, prompting a national forecast upgrade as stronger demand began outpacing limited supply.
In the first half of 2026, home sales stayed below yearly levels, while prices were broadly flat across Canada despite improving buyer confidence.
The firm expects Canada’s aggregate home price to rise ~2% in 2026, with Toronto outperforming earlier expectations and Vancouver recovering more slowly.
The gap between Canada’s priciest and least expensive markets narrowed as affordability improved in Toronto and Vancouver, reducing pressure for buyers to relocate.
Most borrowers renewing ultra-low pandemic-era mortgages are widely expected to keep making payments, so Canada is not expected to see many forced sales.
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