Canadian housing sales data provides a monthly snapshot of the residential real estate market's health, tracking the number and prices of existing homes sold through the Multiple Listing Service. This data is compiled by the Canadian Real Estate Association and is crucial for understanding market trends, affordability, and regional economic conditions. For Canadians, whether they are potential buyers, sellers, or simply monitoring the economy, these statistics offer concrete insights into supply, demand, and price movements. The figures reveal a complex national picture, often with significant variations between provinces and major urban centres.
Understanding the Core Housing Market Indicators
The Canadian Real Estate Association publishes several key indicators each month that form the foundation of housing market analysis. The headline figure is the number of home sales recorded over Canadian MLS® Systems, which is reported both on a seasonally adjusted month-over-month basis and an actual year-over-year basis. In September 2026, seasonally adjusted national home sales fell by 2.3% compared to August. The actual, non-seasonally adjusted number of sales was 7.7% lower than in September 2025. Another critical metric is the number of newly listed properties, which provides insight into seller sentiment and potential supply. In September 2026, new listings declined by 1.8% on a month-over-month basis, resuming a general downward trend that began in early 2025. The sales-to-new listings ratio is a derived measure that helps characterize market balance. This ratio eased slightly to 48.8% in September 2026 from 49.1% in August, with the long-term average being 54.7%. Readings between roughly 45% and 65% are generally consistent with balanced market conditions.
Inventory levels are measured by the number of months it would take to sell all current listings at the present sales pace. At the end of September 2026, there were 4.9 months of inventory on a national basis. This figure is right in line with the long-term average for the measure. Based on statistical analysis, a reading below 3.6 months typically indicates a seller's market where demand outstrips supply. Conversely, a reading above 6.4 months suggests a buyer's market with more supply than demand. The total number of active listings provides another view of supply. Slightly more than 200,000 properties were listed for sale on all Canadian MLS® Systems at the end of September 2026, which was up 1.8% from the same time the previous year. Overall supply has held steady at historical average levels since the spring of 2025, according to CREA's analysis.
How Home Prices Are Measured and Reported
Two primary metrics are used to track home price movements in Canada: the average sale price and the MLS® Home Price Index. The national average sale price is a straightforward calculation of the total dollar volume of sales divided by the number of sales. In September 2026, the actual national average sale price was $666,538, which was down 1.6% on a year-over-year basis. CREA cautions that the average price can be useful for establishing trends over time but does not indicate actual prices in centres with widely divergent neighbourhoods. The average price also does not account for price differentials between geographic areas, which can skew the national figure based on where sales activity is concentrated in a given month. The MLS® Home Price Index is considered a more reliable measure of price trends because it tracks price changes for typical properties over time.
The HPI is model-based and aims to compare apples-to-apples by accounting for the type and features of homes sold. The National Composite MLS® HPI edged down by 0.4% on a month-over-month basis in September 2026. On a year-over-year basis, the non-seasonally adjusted HPI was down 3.4% compared to September 2025. This marked the first time the annual decline had grown larger since January of that year. The HPI was jointly developed by several real estate boards and CREA, with its launch in January 2012. It provides a clearer picture of underlying market trends by mitigating the volatility that can affect simple average prices. The six founding partners that developed the index were the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Toronto along with CREA.
Significant Regional Variations Across Provinces
The national housing statistics often mask profound differences in regional market conditions. In September 2026, the slowdown at the national level was largely driven by weakening demand in Canada's largest provincial markets. Ontario and British Columbia recorded significant annual benchmark price declines of 3.9% and 4.7%, respectively. Ontario's average home price was 4.3% lower than in September 2025, while British Columbia's was down 2.4%. Month-over-month sales declines were also pronounced in these provinces, with British Columbia down 5.7% and Ontario down 3.1% in September 2026. This contrasted sharply with conditions in several smaller provinces where markets remained more resilient. Several Prairie and Atlantic provinces continued to experience annual price appreciation even as the national index declined.
Newfoundland and Labrador saw its benchmark price increase by 5.5% year-over-year, and its average price rose by 7.0%. Manitoba recorded a 3.4% annual gain in its benchmark price and a 7.2% increase in its average price. Saskatchewan's benchmark was up 2.8%, and New Brunswick's was up 2.7% compared to September 2025. Alberta's average home price increased by 4.8% year-over-year. This divergence highlights that Canada does not have a single unified housing market but rather a collection of regional markets influenced by local economic factors, migration patterns, and affordability levels. The following list details the year-over-year changes in benchmark prices for specific provinces as of September 2026, illustrating the stark regional contrast.
- Newfoundland and Labrador: +5.5%
- Manitoba: +3.4%
- Saskatchewan: +2.8%
- New Brunswick: +2.7%
- Ontario: -3.9%
- British Columbia: -4.7%
No Canadian province set a new all-time record for its average selling price or benchmark price in September 2026. Newfoundland and Labrador came relatively close, with its average price reaching $372,633, just below its previous record of $375,334. Prince Edward Island's benchmark price increased to $377,900 but remained below its July 2026 record of $388,400. The absence of new provincial price records is another indication that price growth has become more concentrated and that even historically strong markets are no longer consistently setting new monthly highs.
Key Dates and Schedule for Housing Data Releases
The release of housing market data follows a consistent monthly schedule. CREA typically publishes its national statistics package around the middle of each month, covering activity from the previous month. For example, the data for September 2026 was released in a news report on October 16, 2026. The next scheduled release after that was set for Tuesday, November 17, 2026, which would cover October 2026 market activity. This regular cadence allows market participants, analysts, and policymakers to monitor trends with minimal lag. The information combines both major market and national sales information from MLS® Systems from the previous month. In addition to the monthly reports, CREA provides quarterly revisions to its forecasts for provincial and national sales activity and average home prices.
These forecasts take into account the latest housing market data as well as changes in the outlook for interest rates and the broader macroeconomy. The public release of the MLS® HPI data also occurs monthly, and this data is available for download in Excel format for further analysis. The consistent timing of these releases helps maintain transparency and allows for structured analysis of the market over time. Each month at midpoint, CREA provides its members and the general public with resale data from the previous months to inform them about current market conditions.
Contextual Factors Influencing the September 2026 Data
The September 2026 data reflected a specific economic context that helps explain the market's performance. According to CREA's senior economist, the setback followed a four-month run of modestly positive progress and coincided with a jump in fixed mortgage rates. Furthermore, there was a widespread market expectation that the Bank of Canada would follow with a policy interest rate hike before the end of the year. This fresh round of uncertainty was cited as a factor likely to send some buyers back to the sidelines, especially with housing affordability already stretched. The start of the fall market was met with an even larger jump in fixed rates compared to the spring, which made qualifying for a mortgage more challenging for prospective buyers. This environment influenced the behaviour of both buyers and sellers.
For sellers, CREA noted that a well thought out pricing strategy became even more important in the evolving market. The decline in new listings, which fell 1.8% month-over-month, suggested some sellers may have been hesitant. The national sales-to-new listings ratio of 48.8% indicated that sales fell slightly faster than new supply in September, giving buyers marginally more negotiating power. The overall number of active listings, however, remained above the long-term average, providing more choice. The key question posed by analysts was how much farther the Bank of Canada would have to go to control inflation in the coming year, as this would directly impact mortgage costs and market sentiment. With the decline in sales only just outpacing the drop in new supply, the national sales-to-new listings ratio eased slightly from 49.1% in August to 48.8% in September.
Common Mistakes in Interpreting Housing Statistics
One frequent error is placing too much emphasis on a single month's data or on the national average price alone. Housing market trends are best understood over several months, as monthly figures can be volatile and influenced by seasonal patterns. The national average price can be significantly swayed by a shift in the mix of sales, such as a higher proportion of transactions occurring in a more or less expensive province. For instance, if sales activity slows more in high-priced Toronto and Vancouver relative to more affordable regions, the national average price could decline even if prices in most individual markets are stable. This is why analysts stress the importance of using the MLS® HPI for tracking pure price changes and examining regional data. Another common mistake is misinterpreting the sales-to-new listings ratio or months of inventory without understanding their historical context.
A ratio of 48.8% or inventory of 4.9 months indicates a balanced market nationally, but these figures are averages. Local markets can deviate significantly from the national picture. Furthermore, these measures do not directly speak to affordability, which is influenced by incomes, mortgage rates, and down payments. Finally, it is important to remember that CREA's statistics cover existing home sales transacted through the MLS® Systems. They do not include new home sales directly from builders, which are tracked separately by Canada Mortgage and Housing Corporation and other agencies, providing a different but complementary view of the market. To correctly interpret the data, users should be aware of the specific definitions and methodologies.
The Canadian Real Estate Association (CREA) compiles monthly statistics on existing homes sold via the Multiple Listing Service (MLS®). CREA cautions that the reported average price information is useful for establishing trends but does not indicate actual prices in centres with widely divergent neighbourhoods. The statistical information in its reports includes all housing types. The data combines both major market and national sales information from the previous month.
- The data combines major market and national sales information from MLS® Systems from the previous month.
- Average price information is useful for trends but does not indicate actual prices in centres with widely divergent neighbourhoods.
- The statistics do not account for price differentials between geographic areas.
- MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards.
- The information contained in the reports includes all housing types.
The Role and Limitations of MLS® Data
The MLS® Systems are cooperative marketing systems used by Canada's real estate boards to ensure maximum exposure for properties listed for sale. CREA compiles the monthly statistics from these systems, making it the most comprehensive source for data on existing home sales in Canada. This data serves several important functions for different groups. The general public gets a timely snapshot of the housing market's direction. Real estate professionals can use the data to advise their clients knowledgeably on pricing and market conditions. Politicians and government policymakers utilize the information to help craft legislation and regulations related to housing and the economy. However, there are inherent limitations to the data.
As noted, it represents a subset of all housing transactions, specifically those listed and sold through MLS® Systems. Private sales and new home sales are excluded. The data is also aggregated, meaning detailed neighbourhood-level analysis requires accessing board-specific reports. CREA explicitly cautions that the average price information can be useful for establishing trends but does not indicate actual prices in centres comprised of widely divergent neighbourhoods. Therefore, while the data is essential for understanding broad trends, individuals making personal financial decisions should consult local market reports and professionals for granular information pertinent to their specific situation.
Additional Data Sources for a Complete Market Picture
While CREA's MLS® data is central, other organizations provide valuable complementary data on the Canadian housing market. Canada Mortgage and Housing Corporation offers extensive research, data, and trends on housing, including vacancy rates, average rents, turnover rates, and construction data. CMHC also publishes an annual Rental Market Report with detailed insights into rental markets in major Canadian cities. Teranet, in alliance with National Bank, produces the Teranet-National Bank House Price Index, which provides another perspective on price dynamics using land registry data. This index offers insight into the dynamics of a highly varied Canadian housing market. Other entities analyze broader housing finance and economic trends.
For example, TD Economics produces reports on housing market conditions, though these are for informational purposes and do not constitute investment advice. The BC Real Estate Association creates tools like the Housing Monitor Dashboard to help its members monitor British Columbia's housing market with up-to-date data on key indicators. These additional sources allow for deeper analysis of supply, demand, affordability, and the underlying economic forces shaping the market, such as savings rates, mortgage renewals, and changing homeownership trends. The range of available data covers various aspects of the housing sector.
Supplementary housing data and insights are available from various sources in Canada. The Teranet-National Bank House Price Index provides monthly insight into housing market dynamics. CMHC offers data and reports on housing supply, demand, and affordability, including an annual Rental Market Report. The BCREA Economics team provides a Housing Monitor Dashboard with up-to-date data on key housing market indicators for British Columbia.
- CMHC data on vacancy rates, average rent, and construction.
- Teranet-National Bank House Price Index™ monthly public release.
- BCREA Housing Monitor Dashboard for British Columbia.
- CMHC annual Rental Market Report for major cities.
- Analysis of housing finance, borrower preferences, and market risks.
- Data on new construction, resales, and rental trends.
- Studies on housing demand in the North and non-market housing.
Frequently asked questions
Did Canadian home sales go up or down in September 2026?
Canadian home sales declined in September 2026. On a seasonally adjusted basis, national sales fell by 2.3% compared to August 2026. When looking at the actual, non-seasonally adjusted figures, monthly sales activity was 7.7% lower than it was in September of the previous year. This ended a four-month period of modestly positive progress noted by CREA.
Which Canadian provinces had house price decreases in September 2026?
Ontario and British Columbia experienced house price decreases in September 2026. Ontario's benchmark Home Price Index was down 3.9% year-over-year, and its average sale price was down 4.3%. British Columbia's benchmark HPI was down 4.7% year-over-year, and its average sale price was down 2.4%. These declines in the country's two largest markets were a primary driver of the national price decrease.
What was the Canadian average house price in September 2026?
The actual national average sale price for homes sold in September 2026 was $666,538. This figure represented a decrease of 1.6% compared to the average price in September 2025. The average price also declined by approximately 0.3% on a month-over-month basis from August 2026. This reversal followed a modest annual increase recorded in August. The national average price provides one perspective on market trends, though it can be influenced by changes in the mix of homes sold.
Which Canadian provinces had the highest house price increases in September 2026?
In September 2026, several provinces recorded significant annual price increases. Based on the average sale price, Manitoba led with a 7.2% year-over-year increase, followed by Newfoundland and Labrador at 7.0% and Alberta at 4.8%. According to the MLS Home Price Index, which tracks typical homes, Newfoundland and Labrador saw the highest annual benchmark gain at 5.5%. Manitoba followed with a 3.4% increase, and Saskatchewan and New Brunswick also posted gains of 2.8% and 2.7% respectively. This contrasts with price declines in larger markets like Ontario and British Columbia.
What is the difference between the average price and the MLS® Home Price Index?
The average home price is a simple calculation of the total dollar sales volume divided by the total number of sales in a given period. The MLS Home Price Index is a more sophisticated, model-based measure developed to track price changes for a typical or benchmark property over time. It is designed to provide a clearer view of pure price trends by accounting for factors like the type and size of home, reducing the distortion caused by shifts in the mix of properties sold. CREA cautions that average prices can indicate trends but do not reflect actual prices in diverse markets.
Was the Canadian housing market balanced in September 2026?
Yes, the national housing market was in balanced territory in September 2026. The sales-to-new listings ratio eased slightly to 48.8%, which falls within the range of 45% to 65% generally considered consistent with balanced conditions. Furthermore, the measure of months of inventory stood at 4.9 months, which is exactly in line with the long-term average for that metric. A seller's market is typically defined as having less than 3.6 months of inventory, while a buyer's market has more than 6.4 months. The national figures indicate a balanced market overall.
Sources and further reading
- October 16 2026 News Release | CREA Statistics stats.crea.ca
- Canada Housing Research, Data and Insights cmhc-schl.gc.ca
- Canadian Housing Market Report Oct. 16th, 2026 wowa.ca
- Canadian Housing Market Stats, CREA crea.ca
- Canadian Existing Home Sales (September 2026) economics.td.com
This article explains how things work and is not financial, tax or legal advice. Rules, limits and rates change, so check the current figures with the Canada Revenue Agency, your province or your financial institution before you act.