Canada's housing market shows modest spring rebound amid tempered buyer enthusiasm

The Canadian spring housing market has not fully bloomed, with sales in Greater Vancouver down 2.5% year‑over‑year in April and national resale transactions falling 4% from the previous month. Prices rose 2.2% nationwide, but the Canadian Real Estate Association (CREA) trimmed its 2026 outlook, citing trade uncertainty and higher inflation linked to the Middle East conflict, which could spur a Bank of Canada rate hike.

Economists say the market may still have room to grow. BMO senior economist Robert Kavcic noted the spring market has not peaked, while EY Canada partner Zach Pendley highlighted the impact of reduced immigration targets and a sharp drop in condo investor demand, especially in Toronto and Vancouver. Mortgage rates have remained steady, limiting affordability improvements.

Experts expect a gradual upward momentum for the rest of the year, with sellers likely to re‑list properties and buyers showing cautious optimism rather than a flood of activity.