Cost- The Bank of Canada's policy rate held steady through much of the period rather than continuing to fall as it had through 2024-2025.
- The new GST/HST rebate for first-time buyers of new construction became available, layering on top of existing programs.
- The mortgage stress test remained unchanged, continuing to be the binding constraint on qualifying amounts for most first-time buyers.
Rates: a hold, not a continued decline
Unlike the period of active rate cuts through 2024 and into late 2025, the policy rate has held at 2.25% through much of 2026, per our rate update. For a first-time buyer, this means the rate environment has been more stable year-over-year than the prior period's declining trend, for better or worse depending on your perspective.
A new rebate became available
The GST/HST rebate for first-time buyers of new construction, covered in our dedicated update, is a genuinely new addition to the stack of programs available to first-time buyers specifically purchasing new builds, layering on top of the existing general New Housing Rebate.
The stress test, unchanged
Despite rates being lower than their 2023 peak, the stress test qualifying formula hasn't changed — see our stress test update. This remains the single most consistent constraint on first-time buyer qualifying amounts across this entire period, essentially unaffected by the rate and program changes around it.
See what all of this means for your own numbers on the affordability calculator.
- Bank of Canada — accessed September 2026
- Department of Finance Canada — accessed September 2026