Nationwide prices slide 4.8%

CREA’s MLS® Home Price Index (HPI) slipped 0.6% month‑over‑month in February, while the actual national average sale price was essentially flat—down 0.2% year‑over‑year. (crea.ca) New listings fell 3.9% month‑over‑month in February and there were 151,850 properties listed at month‑end, a 3.7% increase from a year earlier, leaving five months of inventory nationally. (crea.ca) The national sales‑to‑new‑listings ratio tightened to 47.6% from 46.4% in January, which remains below the long‑run average of 54.8% that CREA uses to define balanced market conditions. (crea.ca) Greater Toronto Area data show sharper weakness: TRREB reported an MLS® HPI composite down 7.9% year‑over‑year with an average selling price of $1,008,968 and a benchmark near $938,800 in February. (trreb.ca) Greater Vancouver’s composite benchmark sat at $1,100,300 in February, down about 6.8% year‑over‑year, with 13,545 active listings (up 6.3% y/y) and 1,648 sales (down 9.8% y/y). (members.gvrealtors.ca) Calgary’s benchmark was roughly $560,500 in February, down about 4.4% year‑over‑year, with 1,526 sales (an ~11.3% y/y decline) and market balance near three months of supply for many property types. (creb.com) CREA economists flagged rising first‑time‑buyer pent‑up demand and noted many buyers are waiting for mortgage rates to “find a bottom,” while CREA’s chair pointed to April as the start of the main spring market. (crea.ca) The Bank of Canada has held its target overnight rate at 2.25% since Jan. 28, 2026, and most market commentators expected the BoC to keep that pause into March—a policy backdrop directly tied to the timing of any mortgage‑rate relief buyers are waiting for. (bankofcanada.ca)