Is It Time to Stop Waiting? What Canada's Housing Numbers Are Telling Buyers Right Now
Is It Time to Stop Waiting?
What the Latest Housing Numbers Are Telling Us
Is It Time to Stop Waiting?
A question I'm hearing a lot right now is whether buyers should wait a bit longer before making a move. CREA's senior economist answered that pretty directly this week. His take: affordability is about as favourable as buyers should expect it to get. The data is starting to back him up.
Source: Canadian Real Estate Association (CREA), May 2026
The national average home price topped $700,000 for the first time in roughly two years, though most of that lift came from a higher share of detached homes selling rather than prices jumping across the board. Sales were up 5.5% month-over-month, driven largely by Ontario. Activity is still running below last year's already-soft levels overall, but the direction has clearly shifted.
Inventory sits at about 4.8 months of supply and the sales-to-new-listings ratio has firmed to 49%, both signs the market is gradually moving toward balance. Detached and single-family homes are leading the rebound. Condos are still lagging.
What This Means for You
- If you've been waiting for a better entry point: CREA's own senior economist is saying this may be about as good as affordability gets. The floor may already be in, and the detached market is already climbing.
- If you're looking at condos: The condo segment is still trailing the broader recovery. That lag is an opportunity, but it won't stay open forever once the market tightens further.
- If you're renewing or shopping for a mortgage: Fixed rates remain competitive. Worth having a conversation now rather than after conditions shift further.
A renovated sub-penthouse on the 25th floor of a 26-storey concrete tower in the heart of Metrotown. Panoramic 270-degree views of the ocean, mountains, and city skyline. Modern kitchen with quartz counters, stainless steel appliances, and an oversized island. Spa-inspired bathroom with a deep soaker tub and porcelain tile. Laminate floors, in-suite laundry, and a private balcony. Building amenities include a fitness centre, squash court, basketball court, hot tub, and bike room. Steps to Metropolis at Metrotown, SkyTrain, Bonsor Recreation Centre, and Central Park. One underground parking stall and storage locker included. Rentals and pets welcome. This is exactly the kind of listing the CREA data is pointing to: 1,228 sq ft at the sub-penthouse level in Metrotown, priced under $670,000, while the detached market is already climbing.
📞 604-408-0008 | cbpr@coldwellbanker.ca
Financing Example
| Purchase price | $669,000 |
| Minimum down payment | $41,900 |
| Total mortgage (incl. CMHC) | $652,184 |
| Mortgage type | 5-yr fixed at 4.09% |
| Amortization | 25 years |
| Bi-weekly payment | $1,598.08 |
Rates are subject to change at any time. This example is for informational purposes only. Individual qualification and terms will vary. Reach out to get your personalized numbers.
Father's Day Weekend
The FIFA World Cup rolls on with another match at BC Place on Sunday, and the Lower Mainland has a strong lineup of free and family-friendly events to round out the weekend.
Rob Skoko
The information in this newsletter is for general informational purposes only and does not constitute financial or mortgage advice. Mortgage rates, terms, and financing examples are subject to change and individual qualification. All financing figures shown are estimates based on minimum down payment scenarios and current posted rates. CMHC insurance premium included in total mortgage amount shown. Please consult with a licensed mortgage professional to discuss your specific situation. Rob Skoko is a licensed mortgage broker in BC and Alberta. MAXIMUM Mortgage Solutions – MA - abw.
Real estate data sourced from the Canadian Real Estate Association (CREA), May 2026. Market statistics are subject to revision. To unsubscribe, email info@skoko.ca.
