Cost- Sales volumes in several major markets have remained below historical norms through 2026, even in segments where rates and prices have both improved.
- Buyer hesitancy tied to broader economic uncertainty, rather than affordability math alone, appears to be a meaningful factor holding back transaction activity.
- Some would-be sellers are also holding back, reluctant to sell into softer conditions, which itself constrains the supply of listings available to transact.
The gap between affordability and activity
As covered in our affordability update, the math has genuinely improved for some buyers in some markets — yet sales volumes in several major markets have stayed below historical norms rather than rebounding proportionally. This gap between "the numbers work better now" and "people are actually transacting more" is worth understanding on its own.
Why the gap exists
Transaction decisions aren't purely a function of monthly-payment math — broader economic uncertainty, job security concerns, and general caution about committing to a major purchase during an uncertain period all weigh on buyer psychology independent of whether the numbers technically pencil out. A buyer who could afford to buy but doesn't feel confident about their near-term job security may simply choose to wait regardless of favourable math.
The seller-side factor
Some potential sellers are also holding back, reluctant to list into softer price conditions described in our price update, especially if they don't need to sell. This constrains the supply of listings actually coming to market, which itself dampens transaction volume from the other side of the equation — a genuinely two-sided dynamic, not purely a buyer-hesitancy story.
Whatever the broader market is doing, see your own specific numbers on the affordability calculator.
- Canadian Real Estate Association (CREA) — accessed September 2026