Canadian Home Sales Activity Little Changed in March
Monthly Housing Market Report
NATIONAL RESIDENTIAL STATISTICS
Ottawa, ON April 16, 2026 – The number of home sales recorded over Canadian MLS® Systems was virtually unchanged (-0.1%) on a month-over-month basis in March 2026. (Chart A)
“Home sales activity remained at lower levels in March, as rising global economic uncertainty, along with a mid-month jump in fixed mortgage rates tied to incoming higher inflation, piled on to an already shaky economic start to the year,” said Shaun Cathcart, CREA’s Senior Economist. “2026 is still expected to see a modest amount of upward momentum in sales and a stabilization in prices as some pent-up first-time buyer demand enters the market, but the forecast for the year has had to be revised downward. The timing of higher mortgage rates, along with the perception they may be temporary, could keep would-be buyers away at the most active time of year – April, May, and June – as they wait for rates to come back down.”
March Highlights:
National home sales were almost unchanged (-0.1%) month-over-month.
Actual (not seasonally adjusted) monthly activity came in 2.3% below March 2025.
The number of newly listed properties edged down 0.2% on a month-over-month basis.
The MLS® Home Price Index (HPI) fell 0.4% month-over-month and was down 4.7% on a year-over-year basis.
The actual (not seasonally adjusted) national average sale price was down 0.8% on a year-over-year basis in March 2026.
Chart A
New listings edged down a slight 0.2% on a month-over-month basis in March 2026. Lower monthly sales numbers so far in 2026 could in part be due to the fact new supply is running at the lowest levels since mid-2024.
With new supply and sales both little changed in March, the national sales-to-new listings ratio remained at 47.8%. The long-term average for the national sales-to-new listings ratio is 54.8%, with readings roughly between 45% and 65% generally consistent with balanced housing market conditions.
“While the interest rate situation has recently changed, what could be a challenge for a buyer looking for a fixed rate mortgage may also be seen as more choice and less competition for those choosing a variable rate,” said Garry Bhaura, CREA’s 2026-2027 Chair. “Spring tends to be a busier time of year for the housing market, even if it may not be quite as busy as we were expecting not so long ago. For those of you not impacted by the recent jump in mortgage rates, get working with a local REALTOR® today.”
There were 167,524 properties listed for sale on all Canadian MLS® Systems at the end of March 2026, up just 1% from a year earlier and 10.6% below the long-term average for that time of the year. Overall supply has generally been declining since May of last year.
There were five months of inventory on a national basis at the end of March 2026, unchanged from January and February and right in line with the long-term average for the measure. Based on one standard deviation above and below that long-term average, a seller’s market would be below 3.6 months, and a buyer’s market would be above 6.4 months.
The National Composite MLS® Home Price Index (HPI) edged down 0.4% on a month-over-month basis in March, not a small decline but smaller than in February and just half the decline recorded in January. This aligns with sale-to-list price ratios that have been tightening up in recent months as fewer listings have been coming onto the market. Price stabilization is part of CREA’s forecast for 2026, and will be an important milestone to reach for buyers eventually re-entering the market in larger numbers. The non-seasonally adjusted National Composite MLS® HPI was down 4.7% compared to March 2025, down slightly from the 4.8% year-over-year decline registered in February. (Chart B)
Chart B
Regionally, prices remain down on a year-over-year basis in British Columbia, Alberta, and Ontario, offsetting gains in other provinces.
The non-seasonally adjusted national average home price was $673,084 in March 2026, dipping 0.8% from the same month last year.
The next CREA statistics package will be published on Thursday, May 14, 2026.
