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Where Canadian home prices stand this spring

CREA just released its February numbers, and they're worth a quick look as we head into spring.

The national benchmark home price came in at $661,100, which is 4.8% below last year. That puts prices close to where they were in the spring of 2021.

For buyers, that's a real opportunity. Prices have come back to earth in a lot of markets, and there's more to choose from than there was a year ago.

Sales were softer in February, continuing the slower pace we saw in January. New listings also pulled back, down 3.9% from the month before. So while demand has been measured, sellers aren't flooding the market either.

The big question is what happens next.

There's a lot of pent-up demand building. Many buyers have been on the sidelines waiting for more clarity on rates, jobs, and the broader economy. Economists at RBC expect activity to pick up later in 2026 as some of that uncertainty lifts.

This week, the Bank of Canada held its overnight rate steady at 2.25%. That was widely expected, but with last week's weaker-than-expected jobs report, there's growing speculation that another cut could come later this year.

The bottom line: this is a market that's been taking a breather, not falling apart. For buyers, the combination of lower prices and potential rate relief is worth paying attention to. For sellers, getting ahead of a busier spring market could mean less competition.

Want to talk about what this means for your situation? Just reach out and let's connect.

Talk soon,
CHRIS, PATRIC, JULIE, JASMINE, KRISTI & BRELL

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The difference between guessing and making a confident move is having the right team in your corner. In a market that’s constantly evolving, experience, strategy, and real local insight matter more than ever. The right real estate team doesn’t just react to the market, they read it, adapt to it, and position you to win in it. 

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