Market watch - Spring Activity Builds Up Despite Tighter Market Conditions
Home sales increased on a year-over-year basis in April 2026, while the supply of listings trended lower. This suggests that overall market conditions tightened during the first full month of spring. Despite tighter market conditions, selling prices edged lower on average compared to last year,
We have experienced an uptick in home-buying activity so far this spring. Buyers have taken advantage of more affordable housing market conditions on the back of lower home prices. If market conditions continue to tighten and home prices level off, this could be a signal to intending homebuyers who remain on the sidelines.
Ontario - Spring Activity Builds Up Despite Tighter Market Conditions
Toronto May 6, 2026 -- Home sales increased on a year-over-year basis in April 2026, while the supply of listings trended lower. This suggests that overall market conditions in the Greater Toronto Area (GTA) tightened during the first full month of spring. Despite tighter market conditions, selling prices edged lower on average compared to last year, as buyers continued to benefit from ample choice and negotiating power.
“We have experienced an uptick in home-buying activity so far this spring. Buyers have taken advantage of more affordable housing market conditions on the back of lower home prices. If market conditions continue to tighten and home prices level off, this could be a signal to intending homebuyers who remain on the sidelines,” said TRREB President Daniel Steinfeld.
“Lower home prices and borrowing costs over the past year have been a catalyst for some homebuyers this spring. However, we still have a substantial amount of pent-up demand in the marketplace. More certainty on the trade front and an easing in geopolitical tensions would result in further improvements in market activity,” said TRREB’s Chief Information Officer Jason Mercer.
GTA REALTORS® reported 5,946 home sales through TRREB’s MLS® System in April 2026 – an increase of 7% compared to April 2025. New listings entered into the MLS® System amounted to 17,097– down by 9.3% yearover-year. On a seasonally adjusted basis, April 2026 home sales and new listings were up month-over-month compared to March 2026. Sales were up by a greater monthly rate than new listings, potentially suggesting more competition between buyers in some neighbourhoods.
Ottawa - Spring Activity Builds as Ottawa Market Remains Balanced
Ottawa, May 5, 2026 -- Ottawa’s housing market continued its seasonal rebound in April, with activity picking up month-over-month, following a slower winter. Inventory levels, which have been rising since late summer 2025, remain elevated but stable. The spring increase in new listings has added to this supply, giving buyers more choice and flexibility.
The broader economic backdrop remains mixed. The Canadian Real Estate Association (CREA) recently revised its 2026 forecast downward, citing a weaker-than-expected start to the year and renewed inflation pressures, partly driven by rising energy costs. As a result, expectations for both sales and price growth have been tempered, with only modest gains now anticipated nationally.
Interest rate expectations have shifted. Earlier concerns that inflation could lead to rate increases contributed to more cautious buyer behaviour over the winter. With rates now holding steady, that immediate risk has eased. While borrowing costs remain above pandemic-era lows, they are more in line with long-term norms. A more stable rate environment may help reduce hesitation and support a gradual improvement in activity as buyer confidence strengthens.
“We’re seeing the market find its footing after a slower winter,” said OREB President Tami Eades. “April’s activity reflects a market that is gradually regaining momentum. Buyers are beginning to re-engage, and more listings are helping to keep conditions balanced across most segments.”
Residential Market Activity
In April, 1,336 homes were sold, down 1.9% year over year, but up from 1,075 in March.
New listings rose sharply to 3,258 units (+19.3%), pushing active listings to 4,535 units (+17.2%).
With listings continuing to outpace sales, the sales-to-new-listings ratio came in at 41.0%, consistent with balanced market conditions. Homes are taking slightly longer to sell, with median days on market increasing to 21 days, up from 18 days in April 2025.
Year to date, 3,839 homes have been sold, down 4.4% compared to the same period in 2025. While activity remains below last year’s levels, recent trends suggest that the 2026 market may be gradually strengthening.
New listings total 8,933 units (+8.5%), while active listings have increased 16.0%.
Prices and Market Balance
Home prices held steady in April. The average sale price was $712,184 (+0.8% year over year), and the median price was $650,000, unchanged from April 2025. Year-to-date, the average price stands at $683,303, and the median price is $630,000, both showing little change compared to the same period last year.
The MLS® Home Price Index provides additional context, indicating that benchmark prices have begun to stabilize following earlier declines. Most segments recorded modest month-over-month gains, apart from condo-apartments, which continue to lag. This aligns with the broader trend of price stabilization observed over recent months.
Market balance continues to be shaped primarily by supply. Active listings reached 4,535 units in April, up 17.2% year over year, while new listings also posted strong gains.
With a sales-to-new-listings ratio of 41.0% and 3.4 months of inventory, Ottawa remains in balanced territory. Compared to recent years, conditions are less competitive, with buyers benefiting from increased choice, and sellers facing more competition.
Months of Inventory:
- Single Family: 3.1
- Townhome: 3.0
- Apartment: 4.9
Regional Market Comparison
Market conditions across Ottawa’s subareas continue to vary.
Ottawa Centre appears relatively stable from a pricing standpoint, but activity has eased. Sales are lower compared to recent years, while inventory has increased, resulting in slower absorption. This is largely due to the area’s higher concentration of condo-apartment units, which has been the softest segment of Ottawa’s market for several months.
Suburban markets across the east, south, and west remain generally balanced. Sales-to-new-listings ratios and inventory levels are within typical historical ranges, although sales activity has moderated in some areas, and supply has trended higher. Among these, the western suburbs stand out as the strongest segment, with more consistent sales activity and slightly tighter inventory conditions.
Rural markets continue to operate at a slower pace, with higher inventory levels and longer selling times compared to suburban areas. This results in more buyer-friendly conditions, along with greater variability in pricing data due to lower transaction totals.
Overall, while Ottawa’s market remains balanced at a high level, local conditions vary. Suburban areas are the most stable, with the west currently leading in activity. Central areas are seeing more moderate demand, while rural markets continue to experience slower absorption, contributing to a more varied regional landscape. Those interested in exploring these dynamics further can access the non-HPI report in the monthly stats package here.
Looking Ahead
Ottawa’s spring market continues to build momentum, with activity improving from the slower pace seen earlier this year. While sales have yet to fully offset the winter slowdown, recent gains suggest the market is beginning to regain ground as the season progresses.
Despite ongoing economic uncertainty, Ottawa continues to demonstrate relative stability. Prices have remained in a narrow range, and demand, while measured, continues to support balanced conditions rather than any sharp shift in either direction.
Inventory will remain a key factor to watch. Supply levels have been elevated for several months and continue to build through the spring, giving buyers more choice and increasing competition among sellers. If this trend persists, however, higher inventory could begin to place downward pressure on pricing and influence seller expectations in the months ahead.
British Columbia - Diverging Trends Widen as Detached Housing Gains Steam
VANCOUVER, May 4, 2026 – Home sales registered on the MLS® in Metro Vancouver remain relatively flat compared to April last year, but a divergence is emerging between market segments.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,110 in April 2026, a 2.5% decrease from the 2,163 sales recorded in April 2025. This was 22.9% below the 10-year seasonal average (2,735).
“Last month we noted that a divergence was emerging between sales trends in the detached and multi-family segments, which continued in April,” said Andrew Lis, GVR chief economist and vice-president of data analytics. “Sales of detached homes have been gaining year-over-year, while sales in the multi-family segment have declined, and this pattern is consistent across most areas. The fact that this pattern is so broad-based reduces the likelihood that what we’re seeing is just a blip in the data since the momentum isn’t isolated to small pockets of the market.”
There were 6,684 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2026. This represents a 2.4% decrease compared to the 6,850 properties listed in April 2025. This was 15.5% above the 10-year seasonal average (5,785).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 16,236, a 0.2% increase compared to April 2025 (16,207). This is 37.9% above the 10-year seasonal average (11,773).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2026 is 13.5%. By property type, the ratio is 11.3% for detached homes, 15% for attached, and 14.7% for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“While it’s not always the case, there have been periods where the detached segment has acted as a bellwether of market sentiment, and it’s a question whether this time around, this might be the case,” Lis said. “Prices across all segments remain relatively flat month over
month as inventory levels remain sufficient to keep price escalation at bay. But with the detached segment picking up steam heading into the full swing of spring, it may only be a matter of time until the multi-family segments follow suit, which would slowly draw down
standing inventory levels unless a surge of sellers comes to market with their properties. We’ll be watching the next few months of data closely to see if pent-up demand re-enters the market heading into summer.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,098,000. This represents a 6.9% decrease over April 2025 and a 0.6% decrease compared to March 2026.
Sales of detached homes in April 2026 reached 659, a 14% increase from the 578 detached sales recorded in April 2025. The benchmark price for a detached home is $1,840,700. This represents an 8.3% decrease from April 2025 and a 0.8% decrease compared to March 2026.
Sales of apartment homes reached 1,009 in April 2026, a 10.7% decrease compared to the 1,130 sales in April 2025. The benchmark price of an apartment home is $703,000. This represents a 7.9% decrease from April 2025 and a 0.5% decrease compared to March 2026.
Attached home sales in April 2026 totalled 433, a 2% decrease compared to the 442 sales in April 2025. The benchmark price of a townhouse is $1,043,400. This represents a 5.1 per cent decrease from April 2025 and a 0.4% decrease compared to March 2026.
Alberta - Balanced Conditions Except For Apartment-style Units
Calgary, May 1, 2026 – In line with seasonal expectations, both sales and inventory levels trended up relative to March’s activity. Despite this typical monthly rise, April sales totalled 2,104 units, 6% lower than levels reported in 2025. “Sales were expected to ease this year as our market transitioned away from strong demand that was driven by previously rapid migration growth. Improved supply choice across the entire housing spectrum has reduced the urgency among potential purchasers, helping our market shift away from seller’s market conditions to more balanced conditions,” said Ann-Marie Lurie, CREB®’s Chief Economist. “However, the trend of limited supply choice in the detached market continues, while conditions favour the buyer in the apartment condominium market.”
With 3,829 new listings in April, the sales-to-new-listings ratio remained at 55%, supporting a modest monthly gain in supply. Inventory levels reached 5,973 units, nearly 2% higher than levels reported last April. Overall, the months of supply remained just below three, representing relatively balanced conditions. However, this ranged from just over two months for detached homes to over four months for apartment-style homes.
The unadjusted total residential benchmark price trended up compared with March, reaching $568,800. The monthly gain was mostly associated with seasonal improvements, which is expected heading into the spring market. Monthly gains were higher in the detached and semi-detached segments. Overall, compared with the previous year, prices remain 3% lower, with modest year-over-year declines in the detached and semi-detached sector, while declines neared 9% for apartment-style units.
So far in 2026, conditions have varied, ranging from seller’s market conditions and price growth for detached homes in some parts of the city to buyer’s market conditions and price adjustments in the apartment condominium sector.
Detached - With 1,095 sales and 1,863 new listings, inventory levels reported a modest monthly gain. However, with 2,468 units in inventory, levels remain lower than those reported last year and below long-term trends, while months of supply remained just over two. The tighter conditions helped support prices in April, which continued to rise compared with March, causing the pace of year-over-year price declines to ease to under 3%. As of April, the unadjusted benchmark price was $745,400.
Within the detached market, conditions varied by district. Calgary’s North West, West and South districts experienced seller’s market conditions, with less than two months of supply, driving stronger monthly price gains. Meanwhile, conditions in the North East favoured the buyer, causing prices to trend down from the previous month. Benchmark price changes in April ranged from a year-over-year decline of 8% in the North East to a 2% increase in the West district.
Semi-detached - Recent improvements in new listings helped to support the rise in sales this month. Year to date, there have been 700 sales and 1,190 new listings, similar to last year’s levels. In April, both the sales-to-new-listings ratio and months of supply remained at the lower end of the balanced range. Conditions supported further monthly price growth, as the unadjusted benchmark price reached $690,000. Gains over the past three months have brought prices to levels only slightly lower than those reported last April.
As in the detached sector, conditions vary by location. In April, prices trended up over March in all districts except the North East and East, which are also reporting higher months of supply. Tighter conditions in other areas supported monthly price gains. Year to date, benchmark prices improved over last year’s levels in the City Centre, North West and West districts.
Row - Sales, new listings and inventory levels all trended over the previous month, in line with seasonal expectations. However, year to date, the pullback in sales has outpaced the pullback in new listings, causing the sales-to-new-listings ratio to average 51% and inventories to trend higher than levels reported last year at this time. While inventories have improved, months of supply has remained in a relatively balanced range at nearly three months.
Conditions vary significantly across the city, contributing to differing price trends. The North East district reported the highest months of supply and the steepest year-to-date price adjustments, at over 11%. Meanwhile, the smallest year-to-date price adjustments occurred in the West, at less than a 2% decline.
Apartment condominium - The pace of growth in new listings slowed in April relative to the gains in sales, causing the sales-to-new-listings ratio to improve to 46%. However, this is not enough to prevent further inventory gains. In April, inventory rose to 1,920 units, nearly 3% higher than last year and 27% above long-term trends. With over four months of supply, conditions continue to favour the buyer, preventing any significant upward pressure on prices.
As of April, the unadjusted benchmark price was $301,400, slightly higher than March. Gains were mostly driven by improvements in the North West, South East and West districts, while prices continued to trend down in the North East, North and East districts. Compared with last April, benchmark prices have declined by nearly 9%, with the steepest declines in the North East, East, North and South East districts.