When the national housing conversation turns to declining prices, it’s easy to assume the whole country is cooling off. But, zoom out from Toronto and Vancouver, and a different picture emerges – one where secondary markets are proving remarkably resilient this spring. From the Prairies to Atlantic Canada, many cities are seeing stable or rising prices, driven by tight inventory and sustained local demand.

The big cities are shaping the national numbers

National averages reflect the outsized weight of Canada’s two largest markets. In the first quarter of 2026, aggregate home prices fell 4.7% in the Greater Toronto Area and 4.5% in Greater Vancouver, according to Royal LePage’s Q1 2026 House Price Survey. Because of their sheer size, softness in these two markets pulls national figures down, even as many other regions across Canada are telling a very different story.

“Because of their size, softness in British Columbia and southern Ontario has an outsized impact on national averages,” said Phil Soper, president and CEO of Royal LePage. “Meanwhile, strong demand in a much more affordable Quebec market has allowed the province’s major cities to lead in both activity and price growth. On the Prairies, sales have slowed somewhat, yet home values continue to rise modestly, reflecting ongoing supply constraints. Atlantic Canada’s economy has been bolstered by a surge in Newfoundland’s energy sector and a recovery in Nova Scotia’s exports. While sales volumes have moderated, low inventory and a continued stream of interprovincial migrants seeking affordability have fuelled continued, modest home price appreciation.”

Quebec City: The consistent standout

For the eighth consecutive quarter, Quebec City posted the highest year-over-year price growth among Canada’s major regions. The aggregate home price climbed 10.7% to $475,300 in Q1, with single-family detached homes up 11.1% and condominiums gaining 8.4%.

The driving force is a chronic lack of inventory combined with steady demand, bolstered by the stability of the public sector and a growing return of entrepreneurs to the city. Local brokers describe the market as increasingly fragmented, with some neighbourhoods still seeing multiple offers while others have cooled, but upward price pressure remains firmly in place. Royal LePage forecasts a further 12.0% increase in home prices in the city by Q4 2026.

The Prairies: Steady, not spectacular

Calgary and Edmonton tell a story of moderation rather than decline. Calgary’s aggregate price dipped just 0.5% year over year to $689,100, though single-family detached homes edged up 0.8%. The condo segment is softer, with rising inventory and increased rental availability giving buyers more breathing room. For detached homes, however, supply remains tight and competition persists.

Edmonton saw a modest 1.4% year-over-year decline to $472,300 in Q1, but prices have been ticking up on a quarterly basis. Local experts describe a market where buyers are taking their time, a luxury that wasn’t available during the frenzy of recent years, while Edmonton’s strong economic fundamentals continue to underpin demand.

Winnipeg and Regina, meanwhile, are dealing with the opposite problem: not enough homes to go around. Winnipeg’s aggregate price rose 3.1% to $424,500, while Regina climbed 3.5% to $397,900. In both cities, move-up buyers are stuck waiting for listings that aren’t coming, and first-time buyers are being pushed toward ownership by surging rental costs.

Atlantic Canada: Quiet, but prices are holding

Halifax has had an unusually subdued start to 2026. Slowing immigration, economic uncertainty, and Nova Scotia’s interprovincial transfer tax have combined to dampen activity. Yet prices have remained surprisingly resilient, with the aggregate home price rising 1.5% year over year to $525,400. Royal LePage has revised its forecast upward for the city, now projecting 4.0% growth by Q4 2026.

The story here is low inventory. Baby boomers are opting to age in place, sellers are pulling listings until conditions improve, and that tight supply is acting as a floor under prices even as transaction volumes fall.

Ottawa: Balanced and cautiously optimistic

Canada’s capital sits squarely in balanced territory. The aggregate home price dipped a marginal 0.5% year over year to $775,800, with townhomes seeing the strongest activity and condos beginning to stabilize. Activity is picking up as the spring market gets underway, with Ottawa home prices expected to remain relatively stable through the rest of the year.

The takeaway

National trends dominate the headlines, but regional realities define conditions on the ground. For buyers priced out of Canada’s largest markets, secondary cities continue to offer not just relative affordability, but in many cases, genuine competition and price appreciation. The story of Canadian real estate in 2026 isn’t simply one of decline. It’s one of divergence.