A few surprising pockets have emerged around the country where those looking for their new dream home have a real chance to strike a deal.
Seven of the 23 biggest Canadian cities and regions emerged with the perfect mix of falling prices and sales, meaning there is plenty of cheaper supply at the moment, according to a report by real estate platform Zoocasa Inc.
Most notably, home prices have fallen 8.1 per cent in the Niagara Region in Ontario, while sales have fallen 6.4 per cent, marking it the country’s most advantageous market for buyers.
Other opportunity spots include Greater Vancouver, where prices have fallen three per cent and sales are down 2.9 per cent, and Hamilton-Burlington, where prices and sales have dropped 6.2 per cent and 0.7 per cent, respectively.
Other buyer-market regions include Sudbury, Ont., Gatineau, Que., Regina and the Fraser Valley of British Columbia.
“For buyers who’ve been waiting for more selection and more negotiating power, these markets are worth watching closely,” Zoocasa said in the report.
As a whole, Canadian home prices were up 2.2 per cent year over year in April to an average of $695,412, according to the Canadian Real Estate Association (CREA) .
Home sales were up 0.7 per cent month over month in April, with activity expected to be even stronger in May.
“Notwithstanding April’s bounce-back, the housing market continues to face several headwinds, like weak population growth, elevated supply in key regions and shaky job markets,” Rishi Sondhi, an economist at Toronto-Dominion Bank, said in a note last week . “These factors suggest 2026 could be another subdued year for Canadian housing.”
There are, however, areas that are particularly hot right now, mostly in Quebec.
Saguenay, Quebec City, Sherbrooke and Montreal are among the regions where both housing prices and sales are on the upswing, along with Thunder Bay, Ont., and Newfoundland and Labrador.
“Mid-priced cities are posting double-digit price gains, several higher-priced regions are seeing meaningful corrections and a handful of markets are quietly heating up across both prices and sales,” the Zoocasa report said.
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Canada’s inflation rate ticked higher to 2.8 per cent in April, largely on the back of high energy prices related to the war in Iran.
The Consumer Price Index for the month represents the highest rate since May 2024, though it still came in lower than Bank of Canada expectations.
The price of food climbed 3.8 per cent in the month, while fuel costs from transportation were up 7.6 per cent.
The central bank predicts inflation will return to its target of two per cent by early 2027.
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McLister on mortgages
Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.
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Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.
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