What July’s housing data reveals about Canada’s divided market
The 905 region is also lagging, with resales 2.4% lower than July 2025.
New listings have declined for three consecutive months, helping to gradually draw down inventory, though Hogue cautioned that abundant condo supply is poised to keep that segment’s prices on a downward path for some time yet.
The GTA housing market tightened in July as new listings fell sharply. Daniel Steinfeld and Jason Mercer of the Toronto Regional Real Estatehttps://t.co/3nwb5k2ZIx
— Canadian Mortgage Professional Magazine (@CMPmagazine) August 6, 2026
Vancouver and Calgary face steeper recoveries
Vancouver’s four-year slump deepened in July. Resales fell more than 8% from June on a seasonally adjusted basis, erasing what had appeared to be an emerging spring recovery. The MLS HPI declined 6.2% year-over-year, a slightly faster pace than June’s 6% drop.
Hogue said affordability constraints, weak confidence, and rapidly slowing population growth remain major obstacles, with further price depreciation likely needed before buyer demand recovers on a sustained basis.
Vancouver-based mortgage broker Kyle Green told Canadian Mortgage Professional in May that detached properties were likely to see values “flatten out in the second half for detached or perhaps even townhomes — or at least will be decreasing at a slower rate.”
