Canada's housing market 'finally' moving toward recovery this year: RBC

A new report from RBC Economics says Canada’s housing market appears to be “finally taking steps” toward a recovery.

The report says the process is unlikely to be smooth or uniform across the country, with prolonged market corrections in Ontario and B.C. having lasting effects on sentiment.

Robert Hogue, an assistant chief economist at RBC, says in the report that the turnaround has come too late to prevent countrywide declines in home resales and prices this year.

The recovery is believed to be more visible by next year, with Hogue anticipating sales to grow 6.7 per cent to 483,600 units and benchmark home values to rise 0.8 per cent to $800,700.

However, the report says a broad turnaround is not a guarantee given certain risks to the Canadian economy.

Specifically, Hogue says recent escalations in the U.S. trade war and conflict in the Middle East could undermine confidence.

Daniel Johnson, The Canadian Press

This report by The Canadian Press was first published Sept. 1, 2026.