Is Now the Right Time to Buy? A Look at Canada's 2026 Housing Market

Trish Pritchard • March 17, 2026

A Deep Dive into the 2026 Canadian Real Estate Landscape

For many Canadians, the dream of homeownership has felt like a moving target. After years of market volatility, shifting interest rates, and economic uncertainty, you might be wondering: is 2026 finally the year to make a move?

It's the biggest financial question for many households, and the answer isn't a simple yes or no. It depends on your personal circumstances, financial readiness, and where you are in the country. Let's break down the key factors shaping Canada's 2026 housing market so you can decide if now is the right time for you.

The National Picture: A Market in Transition

After a period of correction, Canada's housing market is showing signs of a gradual recovery, but it's not the frenzied pace we saw during the pandemic. The Canadian Real Estate Association (CREA) forecasts a 5.1% increase in home sales in 2026, driven by pent-up demand from buyers who have been waiting on the sidelines.

However, the Canada Mortgage and Housing Corporation (CMHC) notes that sales will likely remain below historical averages, with the market facing headwinds from a slower economy, modest income growth, and elevated unemployment levels.

What to Expect in 2026

  • National Home Sales: Recovery is underway with a 5.1% increase expected, driven by pent-up demand. However, sales will still remain below historical highs as economic uncertainty continues to weigh on buyer confidence.
  • National Average Price: Prices are forecast to rise modestly by 2.8% to $698,881. This represents steady, sustainable growth rather than the sharp spikes we saw during the pandemic years.
  • New Construction: Housing starts are projected to decline as developers face high construction costs, weaker demand, and rising inventories of unsold units. Fewer new homes being built could put upward pressure on prices in the long term.
  • Mortgage Rates: Variable rates are holding steady while fixed rates remain uncertain. The current rate environment offers some stability, but affordability continues to be a key challenge for many buyers.

Interest Rates: The Elephant in the Room

Mortgage rates have been a major factor for homebuyers. The good news is that the Bank of Canada has held its policy interest rate at 2.25% in early 2026, providing some stability for variable-rate mortgages. However, fixed rates may still see some upward pressure.

Many homeowners who secured ultra-low rates during the pandemic are now facing renewals at higher rates, which is tightening household budgets. For new buyers, the current rate environment is a significant improvement from the highs of 2024, but affordability remains a key challenge.

Regional Deep Dive: Where Are the Opportunities?

Canada's housing market is not a monolith. The story is very different depending on where you live.

Ontario & British Columbia: The Rebound

These two provinces, which saw the most significant downturns, are now poised for the strongest rebounds. CREA projects sales to increase by over 8% in both Ontario and BC in 2026. This is largely driven by pent-up demand from buyers who have been waiting for prices to stabilize.

However, the CMHC warns that housing starts in Ontario are projected to fall to near two-decade lows, which could put upward pressure on prices in the long run.

The Prairies & Quebec: Steady and Affordable

Markets in Alberta, Saskatchewan, and Quebec have remained more stable and are expected to see continued growth, albeit at a more moderate pace. Alberta, in particular, stands out for its relative affordability, with prices well below the national average.

The First-Time Homebuyer Opportunity

If you're a first-time homebuyer, 2026 could present a unique window of opportunity. After years of being priced out, many are finding that the combination of lower prices and stabilized interest rates has brought homeownership back within reach.

Furthermore, the government has introduced several programs to help first-time buyers, including:

  • First-Time Home Buyers' GST/HST Rebate: A new rebate designed to help you recover some of the taxes paid on a new home.
  • Home Buyers' Plan (HBP): The withdrawal limit from your RRSP has been increased to $60,000, giving you more flexibility to fund your down payment.
  • First Home Savings Account (FHSA): A powerful savings tool that allows you to save for a down payment tax-free, helping you build your nest egg faster.

So, Is It Your Time to Buy?

While the market is showing positive signs, the decision to buy a home is deeply personal. Here are a few questions to ask yourself:

  • Is my income stable and secure? Job security is crucial when taking on a mortgage commitment that could last decades.
  • Have I saved a sufficient down payment? A larger down payment not only reduces your mortgage but can also help you avoid costly mortgage insurance.
  • Is my credit score in good shape? Your credit score directly impacts the mortgage rates you'll qualify for and could save you thousands over the life of your loan.
  • Am I prepared for the long-term costs of homeownership? Beyond the mortgage, you'll need to budget for property taxes, maintenance, insurance, and unexpected repairs.

Navigating the housing market can be complex, but you don't have to do it alone. A trusted mortgage professional can help you understand your options, get pre-approved, and determine if now is the right time for you to enter the market.

Ready to explore your options? Let's talk. I can help you make sense of the market and find a mortgage solution that fits your life and your goals.

TRISH PRITCHARD
MORTGAGE BROKER

CONTACT ME

How to Legally Assign a Construction Mortgage

By Trish Pritchard • September 9, 2026
Why More Mortgage Options Matter—Especially for Assignment Purchases One of the biggest advantages of working with an independent mortgage professional is access to choice. Instead of being limited to one lender and one set of products, mortgage brokers work with multiple lenders—each with different guidelines, risk tolerances, and mortgage solutions. That flexibility becomes especially valuable when your situation doesn’t fit neatly into a “standard” box. A great example of this is purchasing new construction through an assignment contract . Why Assignment Purchases Can Be Challenging Assignment purchases are often viewed as higher risk by traditional lenders. Rather than declining these deals outright, many lenders quietly make them difficult by adding layers of conditions, restrictions, or uncertainty. This can lead to delays, frustration, or financing falling apart late in the process. The Good News There are lenders—available exclusively through the broker channel —that have clear, favourable policies for assignment purchases. With the right lender and proper planning, these transactions are absolutely doable. Typical Financing Requirements for Assignment Purchases While every situation is unique, many lenders that allow assignment financing look for the following: Standard purchase qualification, including income verification, credit, and down payment Assignments accepted at either the original purchase price or current market value Minimum 620 credit score , with no prior bankruptcies or consumer proposals The full down payment must come from the purchaser —seller incentives cannot be used Required Documentation To secure financing, lenders typically require: The original purchase agreement signed by all parties The MLS listing (if applicable) The assignment agreement signed by the builder, original purchaser, and new buyer Any side agreements outlining changes to the purchase price A full appraisal to confirm value This list isn’t exhaustive, but it highlights that while assignment purchases require more coordination, they are very achievable with the right lender and guidance. Final Thoughts Assignment contracts can open doors to great opportunities—but only if your financing supports the transaction. This is where access to multiple lenders and specialized policies makes a real difference. If you’re considering purchasing new construction through an assignment, or if you’d like to explore more traditional purchase options, feel free to connect anytime. I’d be happy to walk you through the mortgage products available and help you choose an option that doesn’t limit your financing possibilities.

Bank of Canada Holds Rate at 2.25% — September 2, 2026

By Trish Pritchard • September 2, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. While Canada's economic recovery is broadening, a new layer of uncertainty has entered the picture. Here is what happened and what it means for your mortgage.

Monthly vs. Biweekly Mortgage Payments: Which Is Better?

By Trish Pritchard • August 26, 2026
How Mortgage Payment Frequency Affects What You Pay Over Time You’ve probably heard the saying that there are two certainties in life: death and taxes. When it comes to your mortgage, there’s really just one certainty—you’ll repay what you borrow, plus interest. What is flexible, though, is how often you make your mortgage payments. And that choice can have a meaningful impact on how quickly you pay down your mortgage and how much interest you pay over time. The Six Mortgage Payment Frequencies Most lenders offer the following payment options: Monthly – 12 payments per year Semi-monthly – 24 payments per year Bi-weekly – 26 payments per year Weekly – 52 payments per year Accelerated bi-weekly – 26 payments per year Accelerated weekly – 52 payments per year Standard Payment Frequencies The first four options are designed to align with how you get paid. For example: Paid monthly? Monthly mortgage payments may make sense. Paid every two weeks? Bi-weekly payments can align nicely with your cash flow. With these standard options, regardless of how often you pay, the total amount paid over the year is the same —it’s simply divided into more frequent payments. What Makes “Accelerated” Payments Different Accelerated payments work differently—and this is where the real savings happen. With accelerated bi-weekly or accelerated weekly payments, you’re paying a slightly higher amount each time. That extra money goes directly toward reducing your mortgage principal, which lowers the interest you’ll pay over the life of the mortgage. A Simple Example Let’s assume a $1,000 monthly mortgage payment: Monthly: $1,000 once per month = $12,000 per year Semi-monthly: $500 twice per month = $12,000 per year Bi-weekly: $1,000 × 12 ÷ 26 = $461.54 every two weeks = $12,000 per year Accelerated bi-weekly: $1,000 ÷ 2 = $500 every two weeks = $13,000 per year With accelerated bi-weekly payments, you effectively make two extra payments per year without having to think about it. Those extra payments reduce your principal faster, which lowers interest costs over time. Accelerated weekly payments work the same way—you just make smaller payments more frequently. Why This Matters Long Term While it’s difficult to calculate exact savings due to variables like interest rates, terms, and amortization changes, maintaining an accelerated payment schedule over the life of your mortgage can reduce your amortization by up to three years and save a significant amount of interest. The Bottom Line Accelerated payments are a simple, automatic way to lower your overall cost of borrowing—without needing to make lump-sum payments or drastically change your budget. If you’d like to see how different payment frequencies would impact your mortgage specifically, feel free to reach out anytime. I’d be happy to walk through the numbers with you and help you choose the option that fits your goals.