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Thursday, April 16th, 2026 – “The spring market is off to a slower start than what we would typically see, with home prices softening as demand remains subdued. While buyers are active – attending showings and making inquiries – this interest has yet to translate into a meaningful uptick in sales. Many are attempting to time the market, waiting for clearer signs that prices have reached their floor. What’s missing is a boost in buyer confidence to bring more people off the sidelines,” said Brad Johnstone, broker of record, Royal LePage NRC Realty. “In the meantime, current conditions favour first-time buyers, investors and move-up purchasers, with ample inventory and less competition creating opportunities to secure a property without the usual pressure the spring market brings.”

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Johnstone added that sellers who price competitively and align their expectations with current market conditions are seeing strong interest from buyers. Well-positioned properties, particularly those that are move-in ready and accurately reflect today’s pricing realities, are continuing to attract showings.

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“If buyer confidence strengthens alongside more positive economic signals, we could see activity pick up further as we move into the second quarter. Greater stability in interest rates and a clearer economic outlook would help bring hesitant buyers back into the market, translating pent-up demand into increased sales momentum,” he said.

Nationally, the aggregate price of a home in Canada decreased 2.0 per cent year over year to $812,900 in the first quarter of 2026. On a quarter-over-quarter basis, however, the national aggregate home price remained relatively flat, increasing just 0.7 per cent.

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“In a typical spring, Canada’s housing market would already be gaining momentum, but persistently low consumer confidence remains a drag on activity, especially in our most expensive markets,” said Phil Soper, president and CEO, Royal LePage. “That hesitation is being driven by uncertainty beyond our borders. The inflationary impact of America’s war with Iran is pushing energy prices higher, with ripple effects across the broader economy, while ongoing trade negotiations ahead of the CUSMA review are adding to concerns about economic stability and job security. For many Canadians, the headlines are hard to ignore.”

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That sentiment can be seen in a Bank of Canada survey conducted in the fourth quarter of 2025, where Canadians were asked when they believe Canada–U.S. trade tensions had (or will have) the greatest impact on the economy and inflation. Half of respondents (50%) indicated that the most significant effects are still to come, while 27 per cent believe the worst has already passed.

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“Three factors figure prominently in today’s sluggish market: hesitant first-time buyers, a return to sell-before-buy behaviour, and limited inventory in several key markets,” added Soper. “First-time buyers are the engine of the housing market, and when they pause, it ripples through every segment. Move-up buyers are also taking a more measured approach, often choosing to sell before committing to their next purchase; a behaviour we haven’t seen in years. In some regions, however, the issue isn’t demand, it’s supply. “What’s clear is that many Canadians still intend to move. Our sales professionals, working with buyers and sellers every day, are approaching the spring and summer markets with cautious optimism.”