The market is gradually moving into balance, with supply and demand better aligned and less extreme price swings expected.

Affordability remains a major constraint, as mortgage rates stay elevated and many buyers continue to sit on the sidelines.

There is regional divergence: Some provinces, like Quebec and parts of the Prairies, show solid price growth, while Ontario and B.C. face weaker momentum.

While overall activity is subdued, indicators point to modest recovery potential heading into 2026 if rates ease and economic conditions stabilize.