In Vancouver, January “interrupted a string of improvements over recent months,” Battaglia said, with sales plunging nearly 30% on a seasonally adjusted basis from December and the MLS HPI benchmark down 5.7% year over year.
Resales “continued to lag well below the 10-year seasonal average, while listings sit significantly above historical norms,” she said – a mix that “keeps leverage in buyers’ hands, and prices on a downtrend.”
Nova Scotia takes bold action on housing affordability!
Explore how this four-year pilot aims to ease barriers for first-time buyers and reshape the housing market.https://t.co/XB9j3JXXOk#mortgage #housingaffordability #firsttimebuyers #NovaScotia
— Canadian Mortgage Professional Magazine (@CMPmagazine) February 5, 2026
Toronto also remained firmly in buyer’s-market territory. Battaglia said sales in the Greater Toronto Area “contract[ed] 9.9% seasonally adjusted from December,” the fourth straight monthly decline, while new listings “picked up marginally (1.1% SA), adding to the stockpile of inventory sitting idle.”
The MLS Composite Home Price Index “remained on a downtrend through January, dropping 8% from a year ago – the 22nd consecutive decline and sharpest drop in three years,” she said.
Calgary – until recently Canada’s standout seller’s market – was not spared from price pressure. Battaglia said sales there rose 7.3% month over month, but “gains…were overshadowed by an even larger jump in new listings,” with elevated inventory driving a 4.7% annual drop in the composite benchmark and “lots of residential construction in the pipeline” suggesting supply would stay high.