Canada’s Housing Recovery Won’t Be a Boom

As someone who’s spent years getting to know every corner of the Cowichan Valley, I keep a close eye on how national housing trends might ripple through our local market. Canada’s housing market is showing signs of recovery since early Q2—resales are picking up, inventory is finding a balance, and prices are either holding steady or softening at a slower pace. That said, the latest bank forecasts suggest we shouldn’t expect a boom: home resales are projected to dip about 4% to 453,200 in 2026, with benchmark prices easing around 2% to $794,200. For 2027, they anticipate a 7% rebound in resales (up to 483,600) and just under 1% growth in benchmark values (to $800,700). The driving force? Pent-up demand—over 400,000 Canadian households have delayed forming since 2019, waiting for the right moment to buy. Ultimately, the market outlook depends on affordability, steady economic growth, and renewed confidence, though with rates likely at their lowest and trade tensions in the mix, there are still a few unknowns ahead. It’s a landscape that calls for local expertise and a steady hand—something I’ve honed after years of helping Cowichan Valley families navigate every type of market.