Canadian Housing Market February 2026: Prices Stabilize as Spring Buyers Prepare

After eight consecutive months of declining benchmark home prices, February 2026 brought the first glimmer of stability to Canada's housing market. The modest 0.5% monthly gain in benchmark prices is significant — January 2026 had marked the lowest benchmark price since early 2021.

• British Columbia: 7.8 months supply, prices ▼ 5.6% YoY

The spring 2026 market could be particularly favourable for first-time buyers. Here's why:

Listings have accumulated over winter, giving buyers more choices than at any point since 2020 in many markets

With the Bank of Canada holding at 2.25%, monthly payment costs are predictable

Properties sitting through winter may come with price flexibility

The First Home Savings Account (FHSA) continues to help buyers save tax-free for down payments

U.S. tariffs have already hurt Ontario industries like automotive and metals, dampening consumer confidence

Canada lost 84,000 jobs in February, unemployment at 6.7%

Rising oil prices from Middle East conflict create mixed signals — positive for energy provinces, inflationary for the broader economy

Get pre-approved now — spring inventory peaks in April/May

Use our affordability calculator to understand your budget

Be ready to move quickly when the right property appears

Price realistically — not based on 2022 peak values

Explore more expert insights to optimize your mortgage strategy

What the rate hold means for variable and fixed-rate mortgage holders.

Fixed vs variable comparison and what renewers need to know.

Don't accept the first offer — maximize savings at renewal.

Canadian Housing Market February 2026: Prices Stabilize as Spring Buyers Prepare

After eight months of declining prices, Canada's housing market shows early signs of stabilization. Sales remain below last year's levels, but a spring rebound may be on the horizon.