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<\/figure>\n<\/div>\n\n\nAffordable Markets Continue to Outperform on Price<\/strong><\/h2>\n\n\n\nSmaller and more affordable markets once again led the country in price growth in January. Thunder Bay<\/a> posted the strongest y-o-y gain, with prices rising 14.8% to $323,718. Trois-Rivi\u00e8res CMA followed with a 14.1% increase, bringing the average to $442,507, while Saguenay CMA rounded out the top three with a 10.5% climb to $366,240. These markets continue to draw buyers seeking value and affordability, particularly those priced out of Canada’s larger urban centres.<\/p>\n\n\n\n\n- Related:<\/strong> <\/strong>Renewing Your Mortgage in 2025: How Much More You’ll Pay, Plus 5 Things to Consider<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n
Price Drops in Canada’s High-Cost Markets<\/strong><\/h2>\n\n\n\nSome of Canada’s priciest markets continued to see price declines last month. The Niagara Region<\/a> recorded the steepest y-o-y drop at 7.0%, with the average price falling to $603,363. Greater Toronto<\/a> followed with a 6.5% decline to $973,289 \u2014 slipping below $1 million for the first time in recent memory. Hamilton<\/a>–Burlington<\/a> saw prices fall 5.6% to $781,757, and the Fraser Valley<\/a> recorded a 5.3% decrease to $953,475, also dropping below the million-dollar mark. These ongoing corrections reflect persistent affordability pressures and buyer caution that have weighed on Southern Ontario and select western markets over the past year.<\/p>\n\n\n\nSharp Sales Declines Hit Major Hubs in January <\/strong><\/h2>\n\n\n\nGreater Vancouver<\/a> recorded the sharpest y-o-y sales decline of any major market in January, with transactions falling 29.0% from 1,554 to 1,104 units. The Fraser Valley was not far behind, with sales dropping 25.1%, and Greater Toronto saw a 19.3% decline, falling from 3,820 to 3,082 transactions. Edmonton<\/a> also saw a significant pullback, with sales down 28.0% y-o-y to 1,237 units.<\/p>\n\n\n\nOn the price side, Victoria <\/a>stood out as a notable exception to broader provincial softness, with average prices rising 5.1% y-o-y to $1,017,410. Greater Toronto and the Fraser Valley, by contrast, saw prices fall 6.5% and 5.3% respectively, as buyer hesitation continued to weigh on demand in these high-cost regions.<\/p>\n\n\n\nNew listings in Greater Toronto contracted 13.3% y-o-y to 10,774, adding to the sense that both buyers and sellers in the country’s largest market are taking a wait-and-see approach as the year gets underway.<\/p>\n\n\n\n
Both Toronto and Vancouver continue to have an outsized influence on national housing data. As both markets navigate ongoing affordability challenges and softer demand, their performance will remain a key factor shaping the national picture heading into the spring.<\/p>\n\n\n\n
\n- Related:<\/strong> <\/strong>How 60 Canadian Salaries Stack Up to a 20% Down Payment<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n
Stability in Calgary, Appreciation in Edmonton <\/strong><\/h2>\n\n\n\nAlberta’s major markets both avoided the worst of January’s national pullback, but they got there in different ways. Calgary<\/a> had sales resilience, recording 1,618 transactions, a 13.9% y-o-y decline that was shallower than the national average of 16.2%. Prices held virtually flat at $625,222, a 0.2% dip from January 2025, while the national average fell 2.6%.<\/p>\n\n\n\nEdmonton told a different story. Sales dropped more sharply, by 28.0% y-o-y, to 1,237 transactions, tracking closer to Vancouver than to Calgary. But where Edmonton stood out was on price, rising 3.7% year-over-year to $446,931, making it one of the stronger performers nationally on that front. At nearly $206,000 below the national average, Edmonton’s price point remains a powerful draw for buyers priced out of other major markets.<\/p>\n\n\n\n
The Inventory Tug-of-War: Where Sellers are Jumping In (and Where They Aren’t) <\/strong><\/h2>\n\n\n\nNational new listings declined 6.2% y-o-y to 61,850 in January, but the regional picture was highly uneven. Among markets where supply contracted, Sudbury saw the sharpest drop at 23.2%, followed by Thunder Bay<\/a> at 21.4%, Niagara Region at 19.2%, and Greater Toronto at 13.3%.<\/p>\n\n\n\nSeveral markets pushed in the opposite direction, with sellers coming to market early in the new year. Saint John<\/a> led all markets with a 15.6% y-o-y increase in new listings, followed by Ottawa<\/a> at 12.3% and Montreal CMA at 7.8% (rising to 6,548 listings). As Paquin noted, the early influx of new supply suggests seller confidence remains intact \u2014 the question is whether buyers will follow suit once the weather clears.<\/p>\n\n\n\n
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- Related:<\/strong> <\/strong>Renewing Your Mortgage in 2025: How Much More You’ll Pay, Plus 5 Things to Consider<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n
Price Drops in Canada’s High-Cost Markets<\/strong><\/h2>\n\n\n\n
Some of Canada’s priciest markets continued to see price declines last month. The Niagara Region<\/a> recorded the steepest y-o-y drop at 7.0%, with the average price falling to $603,363. Greater Toronto<\/a> followed with a 6.5% decline to $973,289 \u2014 slipping below $1 million for the first time in recent memory. Hamilton<\/a>–Burlington<\/a> saw prices fall 5.6% to $781,757, and the Fraser Valley<\/a> recorded a 5.3% decrease to $953,475, also dropping below the million-dollar mark. These ongoing corrections reflect persistent affordability pressures and buyer caution that have weighed on Southern Ontario and select western markets over the past year.<\/p>\n\n\n\n
Sharp Sales Declines Hit Major Hubs in January <\/strong><\/h2>\n\n\n\n
Greater Vancouver<\/a> recorded the sharpest y-o-y sales decline of any major market in January, with transactions falling 29.0% from 1,554 to 1,104 units. The Fraser Valley was not far behind, with sales dropping 25.1%, and Greater Toronto saw a 19.3% decline, falling from 3,820 to 3,082 transactions. Edmonton<\/a> also saw a significant pullback, with sales down 28.0% y-o-y to 1,237 units.<\/p>\n\n\n\n
On the price side, Victoria <\/a>stood out as a notable exception to broader provincial softness, with average prices rising 5.1% y-o-y to $1,017,410. Greater Toronto and the Fraser Valley, by contrast, saw prices fall 6.5% and 5.3% respectively, as buyer hesitation continued to weigh on demand in these high-cost regions.<\/p>\n\n\n\n
New listings in Greater Toronto contracted 13.3% y-o-y to 10,774, adding to the sense that both buyers and sellers in the country’s largest market are taking a wait-and-see approach as the year gets underway.<\/p>\n\n\n\n
Both Toronto and Vancouver continue to have an outsized influence on national housing data. As both markets navigate ongoing affordability challenges and softer demand, their performance will remain a key factor shaping the national picture heading into the spring.<\/p>\n\n\n\n
- \n
- Related:<\/strong> <\/strong>How 60 Canadian Salaries Stack Up to a 20% Down Payment<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n
Stability in Calgary, Appreciation in Edmonton <\/strong><\/h2>\n\n\n\n
Alberta’s major markets both avoided the worst of January’s national pullback, but they got there in different ways. Calgary<\/a> had sales resilience, recording 1,618 transactions, a 13.9% y-o-y decline that was shallower than the national average of 16.2%. Prices held virtually flat at $625,222, a 0.2% dip from January 2025, while the national average fell 2.6%.<\/p>\n\n\n\n
Edmonton told a different story. Sales dropped more sharply, by 28.0% y-o-y, to 1,237 transactions, tracking closer to Vancouver than to Calgary. But where Edmonton stood out was on price, rising 3.7% year-over-year to $446,931, making it one of the stronger performers nationally on that front. At nearly $206,000 below the national average, Edmonton’s price point remains a powerful draw for buyers priced out of other major markets.<\/p>\n\n\n\n
The Inventory Tug-of-War: Where Sellers are Jumping In (and Where They Aren’t) <\/strong><\/h2>\n\n\n\n
National new listings declined 6.2% y-o-y to 61,850 in January, but the regional picture was highly uneven. Among markets where supply contracted, Sudbury saw the sharpest drop at 23.2%, followed by Thunder Bay<\/a> at 21.4%, Niagara Region at 19.2%, and Greater Toronto at 13.3%.<\/p>\n\n\n\n
Several markets pushed in the opposite direction, with sellers coming to market early in the new year. Saint John<\/a> led all markets with a 15.6% y-o-y increase in new listings, followed by Ottawa<\/a> at 12.3% and Montreal CMA at 7.8% (rising to 6,548 listings). As Paquin noted, the early influx of new supply suggests seller confidence remains intact \u2014 the question is whether buyers will follow suit once the weather clears.<\/p>\n\n\n\n
- Related:<\/strong> <\/strong>How 60 Canadian Salaries Stack Up to a 20% Down Payment<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n