Canadian Existing Home Sales (February 2026)

Canadian home sales decline again in February

• Canadian existing home sales declined 1.3% month-on-month (m/m) in February. Declines in Saskatchewan (-7.8% m/m), Ontario (-5.8% m/m) and B.C. (-1.9% m/m) weighed on national sales. Meanwhile, sales increased in Manitoba (+12.3% m/m), Quebec (+3.4% m/m), and Alberta (+1.8% m/m).  
• New listings declined 3.9% m/m in February. With new listings falling faster than sales, the sales-to-new listings ratio tightened to 47.6%. However, it remained well below the long-term average, signaling modest near-term price growth moving forward.
• Average home prices dropped 1.8% m/m in February. Mirroring the sales trend, prices were down notably in Saskatchewan (-4.4% m/m), B.C. (-2.0% m/m), and Ontario (-1.7% m/m). Meanwhile, prices increased notably in Nova Scotia (5.8% m/m) and inched higher in Quebec (+0.6% m/m). 
• The MLS home price index, a more "like for like" measure, declined 0.6% m/m, and was down 4.8% on a year-on-year basis. Prices for detached and condo units were down 0.5% m/m. In year-on-year terms, prices for single detached homes dropped 4.5%, while condos declined 5.8%.

Key Implications

• Home sales failed to bounce-back from an exceedingly soft, weather-impacted print in January. However, the Canadian Real Estate Association (which releases the data) noted that activity was "starting to pick up speed" toward the end of February, suggesting some momentum heading into the spring selling season. More broadly, Canadian housing activity remains subdued, restrained by a myriad of headwinds, like slower population growth, softening job markets, cost-of-living pressures, and economic uncertainty. 
• 2026 is shaping up to be another subpar year for Canadian housing, with elevated supply relative to demand likely to keep downward pressure on prices in B.C. and Ontario. Price growth should be firmer elsewhere, however, given tighter supply/demand balances.

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