This Survey Reveals The Most Affordable Cities In Canada

Rising affordability concerns are prompting many Canadians to consider moving to lower-priced cities if they can find local or remote work. Nearly half of respondents from Vancouver, Toronto, and Montreal regions expressed willingness to relocate. Edmonton is the top choice for Vancouver residents. The most affordable cities include Lethbridge, Saint John, Thunder Bay, Red Deer, and Regina, with Lethbridge requiring the lowest mortgage payment relative to income.

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BC Mortgage Rates

In British Columbia, fixed mortgage rates slightly decreased to below 3.9% at some brokers, influenced by stable bond yields and potential peace in the Iran war. Variable rates remain around 3.4%, tied to the Bank of Canada's overnight rate, which is expected to hold steady until mid-July. The war's impact on oil prices and inflation may prompt future rate hikes. Home sales rose 5% in May but remain below last year, with prices mostly flat. First-time buyers may access tax relief programs.

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2026 Canadian Real Estate Sentiment Report

Over half of Canadian non-homeowners have no interest in buying a home soon, mainly due to affordability issues like high living costs and down payment challenges, rather than economic uncertainty. Most Canadians believe homes are overpriced (88%) and the market is unfair to first-time buyers (69%). Opinions on real estate agents are mixed, with only 18% seeing them as highly valuable. Among homeowners, 42% express regrets, especially about maintenance and non-mortgage costs.

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B.C. Joins Expanded Greener Homes Support

British Columbia joined the first expansion of the federal greener homes affordability program, extending support for no-cost home-energy retrofits to eligible households provincewide.
In BC, the funding expanded an existing conservation assistance program, delivered through a utility partnership to serve low-income homeowners and tenants across BC.
Eligible BC residents can receive no-cost home-energy retrofits, including heat pumps, dual-fuel systems, and other upgrades designed to improve household energy efficiency.
The program is delivered in co-ordination with the province and utility partners, linking federal funding with existing BC energy-assistance infrastructure for households.
The BC extension centered on low-income households, offering energy-saving home improvements at no cost rather than requiring upfront spending from local residents.

Canada Housing Sentiment Centers on Costs

A recent Canada survey found ~88% see homes as overpriced, while ~69% say today's market is unfair to first-time buyers right now.
Among non-homeowners, ~55% reported no plan to buy within 12 mo; only ~6% planned a first-home purchase, keeping near-term demand focused on affordability.
For would-be buyers staying renters or with family, cost dominated: ~23% cited living costs, ~18% down payments, ~17% other priorities, ahead of mortgage rates.
Broader economic worries ranked lower: ~11% cited recession fears, ~8% job security, and ~6% trade tensions with the US as purchase barriers.
Homeowners also flagged planning lessons: >4 in 10 reported regret, led by maintenance demands and non-mortgage costs exceeding expectations in ownership today.

Canada Resales Post Strong Monthly Gain

In Mid-Q2 2026, Canadian home resales ↑~6% MoM, marking a second straight uptick and the strongest monthly gain in 18 mo nationally.
National resale activity moved nearly in line with yearly levels, but volumes still trailed pre-pandemic avg. across most major Canadian markets currently.
New listings ↓~1% MoM, pushing Canada's sales-to-new-listings ratio to ~49%, its highest 2026 reading so far as supply tightened for buyers watching conditions.
Canada's composite price index was essentially flat MoM, with ample inventory tempering price growth despite firmer demand; national prices remained ↓~4% yearly overall.
Recovery remained fragile: labour trends, geopolitical tensions, and tariff policy were expected to shape Canada's second-half trajectory and borrowing decisions through 2026.

New housing activity rises in Prairies as B.C. slows

New home construction in 2025 showed regional variation in Canada. Alberta saw a 4% increase in for-sale housing starts, led by Edmonton's 15% growth, while Calgary declined 4%. Saskatchewan and Manitoba had gains of 41% and 24%, respectively, with single-detached homes dominant in the Prairies. British Columbia experienced a 5% decline, with rising inventories and condos as the most popular type. The Atlantic region's starts rose 10%, mostly single-detached homes. In Edmonton, southwestern condos had the largest size and highest prices, while western condos were smaller and cheaper.

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BC Home Flipping Tax Supports Fair Housing Market

The BC home flipping tax applies to profits from selling residential properties owned less than 730 days, effective January 1, 2025. It targets short-term property holding and applies to individuals or entities worldwide. The tax rate is 20% for properties held under 365 days, decreasing until 730 days when it no longer applies. Exemptions include primary residence deductions and related-person gifts held over 729 days. Filing a separate tax return is required if subject to the tax.

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Canada Housing Demand Slows Into 2027

An economist expects Canada's population losses to continue through 2027, easing housing demand and giving affordability more room to improve for buyers.
Canada's long housing demand tailwind from population growth has shifted, creating a slower market phase that may last several more quarters ahead.
Softer demand is already feeding into affordability discussions, with analysts pointing to cooler rental conditions as part of the adjustment process across Canada.
The adjustment may feel uncomfortable, but experts say a cooler demand environment can gradually help rebalance Canada's overvalued housing market over time.
With inflation pressure easing, the central bank may have more room to lower its policy rate and support Canada's economy and housing market.

Canada Spring Market Shows Buyer Leverage

Agent optimism in the Canada-inclusive survey ↓ to ~61 from 64, though ~51% still felt more positive than the prior mo overall.
Spring activity missed early targets: ~38% of agents saw weaker conditions, ~29% saw stronger activity, and ~33% said performance stayed on track.
Client decisions were more cautious, with ~79% citing moderate impacts from rates, volatility, or geopolitical headlines across markets including Canada during Mid-Q2.
Buyer opportunity improved where markets leaned buyer-favorable: ~42% reported buyer-friendly conditions, compared with ~25% seeing seller-favorable local markets in the survey.
Negotiation mattered: ~39% saw more concession requests, ~39% saw sellers negotiate more, and annual sales activity stayed just above growth threshold overall.

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