Canadian Home Sales Hold Flat as Economic Headwinds Build

According to the Canadian Real Estate Association (CREA) for August 2026, national home sales slipped 0.7% from July on a seasonally adjusted basis, leaving monthly activity essentially where it has sat since May. Actual unadjusted transactions totalled 37,504, down 6.9% from August 2025. The steadier story is price: the composite benchmark was unchanged from July, the longest stretch of month-to-month stability since 2024.

• The composite MLS HPI benchmark stood at $657,500, down 3.0% year-over-year. That is the smallest annual decline since October 2025, and it continues a shrinking trend that began in January.
• New listings rebounded 3.3% month-over-month after three consecutive declines, pushing the sales-to-new-listings ratio down to 49.1% from 51.1% in July. Inventory held at 4.8 months for a fourth straight month, just under the five-month long-run average.
• By property type, condos absorbed the most pressure. The apartment benchmark fell 4.8% year-over-year to $459,800, and townhouses dropped 4.3% to $593,800, while single-family homes held up better at $731,200, down 2.9%.

The divergence worth watching is between prices and borrowing costs. Benchmark values have been flat for four months, but CREA senior economist Shaun Cathcart pointed to a changed backdrop, with the Bank of Canada warning of rising inflation risks, fixed rates already climbing on higher bond yields, and a policy rate hiking cycle now priced in by markets. Stable home prices alongside rising mortgage rates means monthly carrying costs can increase even when the purchase price does not.

If you are weighing a purchase into the fall, the rate side of the equation is moving faster than the price side right now. Start by comparing current mortgage rates, then connect with our nesto mortgage experts to see what a rate hold is worth in a market where prices are flat but borrowing costs are not.

Canadian Housing Market Highlights

• The average selling price of a home in Canada decreased by 3.08% year-over-year to $657,500 in August 2026.
• The average selling price of a single-family home in Canada decreased by 2.90% year-over-year to $731,200 in August 2026.
• The average selling price of a townhouse/multiplex in Canada decreased by 4.24% year-over-year to $593,800 in August 2026.
• The average selling price of a condo in Canada decreased by 4.86% year-over-year to $459,800 in August 2026.
• The average rent in Canada decreased by 4.77% year-over-year to $2,035 for August 2026.
• September 30, 2026: Today’s lowest mortgage rate in Canada is 4.59% for a 5-year fixed.

Data from the Canadian Real Estate Association (CREA) indicates that the benchmark price of resale residential homes sold across Canada in August 2026 was $657,500, and it decreased by 3.08% compared to a year ago.

CREA also reported a sales-to-new-listings ratio (SNLR) of 49.1%, indicating balanced market market conditions nationally for August 2026.

Canada	Composite Price August 2026	Composite Price July 2026	YoY Change (%)	MoM Change (%)
Single Family Home	$731,200	$737,000	decreased by 2.90%	decreased by 0.79%
Townhouse/Multiplex	$593,800	$596,000	decreased by 4.24%	decreased by 0.37%
Condo / Apartments	$459,800	$461,500	decreased by 4.86%	decreased by 0.37%
Composite	$657,500	$661,800	decreased by 3.08%	decreased by 0.65%
Rent	$2,035	$2,037	decreased by 4.77%	decreased by 0.10%

Canadian Home Price Changes Over The Last Decade

Composite Home Prices

Single-family Home Prices

Townhouse and Multiplex Prices

Condo Prices

Canadian Housing Market Conditions

Province	Composite Price August 2026	Composite Price August 2025	YoY Change (%)	Composite Price July 2026	MoM Change (%)
British Columbia	$874,600	$919,100	decreased by 4.84%	$881,500	decreased by 0.78%
Alberta	$511,500	$515,800	decreased by 0.83%	$513,800	decreased by 0.45%
Saskatchewan	$381,600	$369,600	increased by 3.25%	$383,500	decreased by 0.50%
Manitoba	$399,965	$395,913	increased by 1.02%	$392,900	increased by 1.80%
Ontario	$745,400	$772,800	decreased by 3.55%	$749,800	decreased by 0.59%
Quebec	$540,800	$524,300	increased by 3.15%	$546,600	decreased by 1.06%
New Brunswick	$342,400	$323,200	increased by 5.94%	$344,000	decreased by 0.47%
Nova Scotia	$435,000	$428,200	increased by 1.59%	$429,100	increased by 1.37%
Prince Edward Island	$372,800	$377,800	decreased by 1.32%	$389,900	decreased by 4.39%
Newfoundland and Labrador	$358,400	$335,700	increased by 6.76%	$359,300	decreased by 0.25%

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Canadian Asking Rents Fall Nearly 5% Year Over Year

According to the National Rent Report for September 2026, which carries August 2026 data, the average asking rent across all property types in Canada was $2,035, down 4.8% from a year earlier. One-bedroom units averaged $1,753, and 2-bedroom units averaged $2,146. The annual decline now spans six of the seven reporting provinces.

• Ontario and BC led the declines at 4.8% and 4.7% year-over-year, respectively, followed by Alberta at 3.6%. Quebec eased 1.8%, Saskatchewan 0.5%, and Manitoba 0.3%, while Atlantic Canada was the lone gainer, up 5.7%.
• BC remains the most expensive province at $2,387 across all property types, ahead of Atlantic Canada at $2,274 and Ontario at $2,256. Saskatchewan is the most affordable at $1,461, with Manitoba at $1,643.
• Among the six largest markets, monthly rents rose in four. Ottawa led at 1.1% and Vancouver at 1.0% for purpose-built and condo apartments, with Montreal up 0.8%, while Toronto and Calgary each slipped 0.3%.

When you look at the annualised data, the ranking inverts. Calgary posted the steepest drop among major markets at 4.5%, with Vancouver and Edmonton both down 4.1%, while Montreal proved most resilient at 1.1%, ahead of Toronto at 1.4% and Ottawa at 1.6%. Toronto also ran against the national trend in larger units, where 3-bedroom rents rose 3.5% year over year to $3,642.

Falling rents change the rent-versus-own calculation in a market where home prices are flat and mortgage rates are rising. Compare current mortgage rates and speak with our nesto mortgage experts to run a side-by-side comparison with real numbers.

Canada Market Rents Snapshot

The average rent in Canada was $2,035 for the month of August 2026, which decreased by 4.77% year-over-year.

The average rent for a 1-bedroom apartment in Canada was $1,753 for the month of August 2026, which decreased by 5.14% year-over-year.

The average rent for a 2-bedroom apartment in Canada was $2,146 for the month of August 2026, which decreased by 3.98% year-over-year.

Average Rents for Cities Across Canada

Rank	City	Total Avg	1 Bed	2 Bed
1	North Vancouver	$3,036	$2,501	$3,434
2	Vancouver	$2,729	$2,350	$3,248
3	Oakville	$2,695	$2,316	$3,021
4	Toronto	$2,571	$2,221	$2,939
5	Kanata	$2,524	$2,251	$2,754
6	Burnaby	$2,520	$2,119	$2,724
7	North York	$2,519	$2,085	$2,690
8	Coquitlam	$2,510	$2,087	$2,709
9	Etobicoke	$2,441	$2,081	$2,653
10	Vaughan	$2,422	$2,110	$2,516
11	Burlington	$2,386	$2,068	$2,425
12	Halifax	$2,365	$1,999	$2,591
13	Mississauga	$2,346	$2,042	$2,443
14	Barrie	$2,332	$2,103	$2,472
15	Langley	$2,266	$1,911	$2,480
16	Brampton	$2,259	$1,971	$2,351
17	Victoria	$2,255	$1,994	$2,649
18	Guelph	$2,224	$1,927	$2,276
19	New Westminster	$2,203	$1,901	$2,655
20	Kingston	$2,200	$1,933	$2,353
21	Ottawa	$2,200	$1,958	$2,470
22	Scarborough	$2,187	$1,835	$2,319
23	Surrey	$2,185	$1,796	$2,250
24	Ajax	$2,182	$1,890	$2,241
25	Waterloo	$2,169	$1,922	$2,337
26	Laval	$2,130	$1,726	$2,352
27	Nanaimo	$2,078	$1,844	$2,251
28	Kelowna	$2,073	$1,823	$2,248
29	East York	$2,056	$1,792	$2,379
30	Brossard	$2,044	$1,767	$2,139
31	Cambridge	$2,027	$1,834	$2,174
32	Oshawa	$2,023	$1,740	$2,019
33	Niagara Falls	$1,978	$1,659	$1,958
34	Airdrie	$1,966	$1,429	$1,774
35	Greater Sudbury	$1,959	$1,720	$2,101
36	Kamloops	$1,957	$1,750	$2,026
37	Montreal	$1,957	$1,742	$2,259
38	Kitchener	$1,938	$1,691	$2,084
39	Hamilton	$1,921	$1,653	$2,135
40	London	$1,913	$1,651	$2,030
41	Brantford	$1,911	$1,787	$2,025
42	Peterborough	$1,892	$1,680	$1,918
43	Calgary	$1,885	$1,508	$1,845
44	St. Catharines	$1,810	$1,530	$1,921
45	Gatineau	$1,776	$1,607	$1,857
46	Welland	$1,754	$1,505	$1,978
47	Côte Saint-Luc	$1,710	$1,405	$1,966
48	Windsor	$1,670	$1,475	$1,906
49	Winnipeg	$1,646	$1,426	$1,754
50	Edmonton	$1,631	$1,275	$1,646
51	Sarnia	$1,607	$1,438	$1,674
52	Quebec City	$1,586	$1,299	$1,677
53	Red Deer	$1,573	$1,345	$1,515
54	Lethbridge	$1,545	$1,334	$1,572
55	Saskatoon	$1,517	$1,295	$1,531
56	Regina	$1,468	$1,291	$1,536
57	Fort McMurray	$1,378	$1,163	$1,382
58	Medicine Hat	$1,371	$1,228	$1,381
59	Lloydminster	$1,330	$1,056	$1,412
60	St. John's	$1,293	$1,136	$1,453

Average Rent by City
Source: Rentals.ca Network Data & Urbanation Inc.

Average Rent by Province

LOCATION	Total	1B	2B
AB	$1,776	$1,405	$1,747
BC	$2,387	$2,048	$2,634
MB	$1,643	$1,419	$1,742
ON	$2,256	$1,968	$2,437
QC	$1,931	$1,690	$2,149
SK	$1,461	$1,265	$1,502
Atlantic Canada	$2,274	$1,909	$2,434
Canada	$2,035	$1,753	$2,146

Average Rent by Property Type Across Canada

TYPE	Total	1B	2B
All	$2,035	$1,753	$2,146
Apartment	$2,038	$1,799	$2,232
Condominium	$2,050	$1,827	$2,170
House/Townhouse	$2,014	$1,305	$1,733

How Does Renting Compare With Homeownership Across Canada?

Each $100,000 in mortgage balance costs an average of $564 per month on nesto’s lowest fixed 5-year rate at 4.59%, and $506 per month on nesto’s lowest adjustable 5-year rate at 3.45%.

On the variable side, a 0.25% change in the Bank of Canada’s policy rate moves that payment by roughly $13.47 per $100,000 if rates rise, or $13.27 if they fall. Fixed payments aren’t affected the same way mid-term—a fixed rate is locked for the term and tracks bond yields, not the policy rate directly, so this sensitivity applies only to the variable side.

The interest rates used for the calculation are those offered on insured purchases with less than a 20% down payment, on a 25-year amortization, as of September 30, 2026 and are subject to change. Canada’s policy rate is 2.25%, and nesto’s prime rate is 4.45%.

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Frequently Asked Questions (FAQ) About the Canadian Housing Market in 2026

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nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.

Contact our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.

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