Canadian Existing Home Sales (March 2026)

Canadian home sales flat in March

• Canadian existing home sales were essentially flat (-0.1% month-on-month (m/m)) in March. Sales were unchanged in B.C. Quebec and Manitoba, declined in Alberta (-5% m/m), and increased in Ontario (+1.9% m/m). Elsewhere, sales rose solidly in Saskatchewan (+10% m/m), and fell across most of the Atlantic.
• New listings were also flat during the month. With new listings and sales both barely moving, the sales-to-new listings ratio stayed at 47.8% in March. This is well below the long-term average and signals modest price growth moving forward.
• Average home prices were also flat in March. Prices barely budged in B.C, Ontario and Manitoba, although Saskatchewan posted a solid gain (+5.4% m/m). Elsewhere, prices dipped in Alberta (-0.4% m/m), and Quebec (-0.6% m/m), with steeper declines in most of the Atlantic. 
• The MLS home price index, a more "like for like" measure, declined 0.4% m/m, and was down 4.7% on a year-on-year basis. Prices for detached units were down 0.3% m/m, while condo prices fell 0.9% m/m.

Key Implications

• March's soft performance follows a string of four straight monthly declines in Canadian home sales. Clearly, the market continues to struggle amid several headwinds, including soft job markets, economic uncertainty, falling population growth, and strained affordability.  
• With these challenges in place, 2026 is shaping up to be another modest year for Canadian housing. Loose supply/demand balances should keep downwardly pressuring prices in B.C. and Ontario. Elsewhere, price growth should be firmer, but likely cool as the year progresses.

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