Winnipeg (up 12.6% m\/m, SA) and Saskatoon (3.7%) also saw momentum, while Regina retreated. Excitement dissipated further west with Edmonton and Calgary seeing little to no improvement\u2014though resales remain meaningfully above pre-pandemic averages. \u00a0<\/p>\n
Like many Ontario markets, those in British Columbia saw renewed interest after prolonged weakness. Resale gains, however, fell short of the double-digit jumps recorded in the GTA and were more in line with the national average.<\/p>\n
Quebec showed an uneven picture, with larger markets like Quebec City and Montreal posting gains, while several smaller markets experienced declines. East coast markets generally saw improvement, particularly in Nova Scotia and New Brunswick.<\/p>\n
Supply tightens modestly<\/p>\n
New listings fell marginally -1% m\/m seasonally adjusted after April\u2019s influx. Against the resales uptick, contracting new listings helped tighten the sales-to-new-listings ratio\u2014which increased to 49.2% from 46.2% in April, the highest it\u2019s been this year.<\/p>\n
Prairie markets including Regina, Saskatoon, and Winnipeg remain among the tightest alongside Eastern Canada\u2019s Quebec City and Saint John. Tighter supply and demand in these markets are supporting some of the largest annual price gains in the country\u2014though this could change if recently reinvigorated market activity isn\u2019t sustained.<\/p>\n
Prices beginning to stabilize but condos remain under pressure<\/p>\n
The composite MLS Home Price Index was little changed in May, despite the notable uptick in resale activity. Monthly price moves matched the -0.1% posted between March and April, as abundant inventory provided\u00a0buyers with ample choice even amid\u00a0strengthening\u00a0demand.<\/p>\n
Prices\u2014though stabilizing\u2014remain 4.1% below a year ago nationally, and even lower in Toronto (-6.7%) and Vancouver (-6.2%) where supply-demand conditions remain especially slack. Montreal remains the only of Canada\u2019s six largest market to see annual price gains\u2014though Ottawa is nearing positive territory as well.<\/p>\n
Condos continue to drag down aggregate prices, still 6.5% below a year ago, and even lower in key B.C. and Ontario markets like Fraser Valley, Vancouver, Kitchener-Waterloo, Toronto and Niagara Region.<\/p>\n
Condo price weakness also appears to be migrating to Montreal and Quebec City where recent dips could disrupt the long-running uptrend if supply builds further without a meaningful lift in resales.<\/p>\n
Spring gains remain fragile<\/p>\n
How labour market dynamics, geopolitical tensions, and tariff policy develop will be key factors in shaping the housing market\u2019s trajectory. Our base case forecast<\/a> assumes these conditions will improve or remain status quo\u2014which should unlock pent-up demand given recent affordability improvements<\/a>.<\/p>\n That said, the downside risks aren\u2019t negligible. Should these headwinds intensify, they could easily prolong the current slowdown and delay any meaningful recovery.<\/p>\n![\"RBC](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/06\/Housing-M-Jun-16-2026.png\")
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