The takeaways you might have missed in CMHC’s latest housing report
Winnipeg and Saskatoon show similar, if less dramatic, resilience. Winnipeg’s average price is forecast to rise steadily from $423,866 in 2026 to $444,042 by 2028, while Saskatoon climbs from $441,500 to $480,000 over the same period.
Contrast that with Vancouver and Victoria, where CMHC’s baseline has average prices essentially flat through 2028 — Vancouver moving from $1,160,000 to $1,202,000 and Victoria from $1,020,000 to $1,013,000, effectively a decline in real terms once inflation is factored in.
Toronto’s trajectory is similarly muted on the resale side, with prices not expected to recover to 2024 levels ($1,120,234) at any point in the forecast window.
Regina shows a comparable pattern to its Prairie neighbours, with average resale prices forecast to rise from $363,500 in 2026 to $377,000 by 2028. That’s a steadier climb than most Ontario and British Columbia markets are expected to manage over the same period.
The uneven picture lines up with broader national demographic trends. Statistics Canada’s most recent quarterly estimates show the national population declined slightly in the first quarter of 2026, marking a third consecutive quarterly drop driven largely by fewer non-permanent residents.
