Canada’s housing affordability has made steady progress, with the latest numbers showing affordability at about 41% in Q2 2026—the 11th quarter in a row of improvement. This positive trend comes from a combination of lower prices, reduced borrowing costs, and stronger incomes. Even so, the reality for many families is that owning a home still stretches budgets, with housing costs taking up nearly two-fifths of the average household’s income. Keep in mind, these figures use average disposable income rather than the median, which can sometimes make things look a bit rosier than they feel for many households. According to a bank economist, the recent improvements reflect earlier rate cuts, a national price drop of around 20% since 2022, and rising personal incomes. As we look ahead, modest income growth and only limited rate reductions mean that prices will likely need to adjust further for real progress. Working every day in the North Shore and across Vancouver’s lower mainland, I see firsthand how these shifts play out in real time for buyers and sellers.

Canada’s housing market is showing steady signs of recovery, though it’s clear we’re not headed for a typical boom. Since early Q2, we’ve seen improvements in resales and a stabilization of inventory, with prices either holding steady or easing at a slower pace. According to recent bank forecasts, 2026 may see home resales dip by about 4% to 453,200 and benchmark prices ease by around 2% to $794,200, even as the market trend improves. Looking into 2027, the forecast points to a 7% increase in resales (up to 483,600) and a modest benchmark value rise of less than 1% to $800,700. This signals a recovery—just not the kind of surge some might hope for. One of the big drivers in our market, especially in areas like Vancouver’s North Shore, is pent-up demand; it’s estimated that more than 400,000 Canadian households have delayed forming since 2019 as many waited before making a move. The road ahead will depend on affordability, steady economic growth, and renewed confidence. Rates may have bottomed out, but ongoing trade tensions mean there’s still a lot to watch. As someone who calls the North Shore home and helps clients navigate every phase of the market, I’m keeping a close eye on these trends to guide your next move with clarity.

BC’s real estate inventory has reached 6,700 homes on the market, with 5,500 of those being condos—including options across condos, townhomes, and even some multiplex units throughout the province. If you look at specific cities, Burnaby currently leads with 1,210 unsold homes, closely followed by Vancouver at 1,020, Surrey at 798, and Coquitlam at 620. Richmond, Kelowna, Langley Township, New Westminster, and Delta also show active inventory, and it’s clear that available homes aren’t just concentrated in BC’s biggest urban centres. On the North Shore, my home base, inventory is part of a broader trend: the City of North Vancouver alone lists 135 units, and nearby communities like Langford and Esquimalt round out the numbers. While some say the presale market is all about studios and one-bedrooms, the latest size and average price data tell a more nuanced story. For buyers and sellers navigating these numbers, context truly matters—especially here on the North Shore, where local knowledge can make all the difference.