Is summer really the best time to move house?

For this week’s Reality Cheque, we’re investigating if this summer is a good time to move for renters, buyers and sellers.

With home prices in Canada’s priciest cities falling and rents trending downward in 2026 due to high inventory (meaning more for sale and for rent signs than potential buyers and renters), is now the time to upgrade your digs or become a first-time homeowner? Maybe. But maybe not.

Housing seems to be becoming more affordable for Canadians. A recent TD Economics report projected house prices will drop across the country this year, especially in Ontario and British Columbia. Toronto home prices are at their lowest level in about five years, with an average price of $928,000. Stable Bank of Canada interest rates of 2.25% are keeping monthly mortgage payments manageable for now. 

The average rent in Canada fell 2.8% in February to a 33-month low. Condo rents are seeing the steepest decrease—5.1%, costing an average $2,082 per month. 

Rent prices drop: what this means for renters

February’s liv.rent 2026 Rental Market Trend Report revealed that Canada’s vacancy rose to 3.1%. Properties and rental units stay on the market longer now, partly due to the federal government’s policy limiting the number of immigrants—Canada saw 18% fewer year-over-year.

“There’s definitely more vacancies in the city, and it’s taking longer now to rent them; for some units, we’re having to reduce prices,” says Katia Samson of Katia Samson Real Estate Group in Montreal. 

“There are also fewer out-of-province students in Montreal,” she says, adding that the cap on international students is playing a role, too. “That’s affecting the rental market a lot, especially under $3,000. In the Côte-des-Neiges area, a great location close to the university, units we used to rent in a few days are now sitting there for months.” 

Despite this, companies that own buildings aren’t willing to lower their rent prices. And in Quebec, rents are pretty controlled, so if landlords bring their rent down, they’re not allowed to jack it up without following the percentage allowed by the rental board. 

“So, while some people are dropping their prices to adapt, other buildings built just for rentals are having a harder time adjusting to the new reality of offer and demand,” she explains.

That means renters have leverage, with many asking, “What’s in it for me?”

“They want free parking, new appliances, a month free. Instead of bringing down the monthly rent, some of these owners are offering promotions or free internet—anything to incite people to rent their apartments,” she explains.

Licensed realtor and property manager Tam Barclay with Stilhavn Real Estate Services in Vancouver is also seeing landlords react to a changing market. “In terms of rentals, it’s dropped hugely. A lot of properties renting in West Vancouver at $12,000 and up are now about $8,000 to $9,000 a month; it’s definitely become a bit more affordable for people,” says Barclay, who encourages renters to negotiate. (Here’s a guide on how to negotiate cheaper bills.)

“There are so many new buildings with landlords desperate to get them filled, and they’re offering incentives, but nobody ever asks. If a rent’s listed at $3,000, ask for $2,500. Argue that you want to start on the date you want. Now, you can go in and say, ‘This place needs a paint job. Will you paint it before I move in?’”

Home prices are going down: what this means for buyers and sellers

Couple falling property prices with Ontario premier Doug Ford’s new plan to temporarily rebate (until March 31, 2027) all or part of the harmonized sales tax (HST) on new homes valued at up to $1.85 million—scoring a saving of up to $130,000 for buyers—and this might seem like the right time for Ontarians to jump into the real estate market. 

“In the last year, there’s been a dramatic price drop,” says Barclay. “There was a transition last year with buyers being able to get a really good price, or sellers entertaining lower prices. Now, we’re seeing many properties dropping, around 10% in some markets.” She adds: “Some people are desperate to sell; some can’t pay their mortgages with their rents anymore. Condos are really slow to sell, so if you’re looking to buy a condo, it’s a fantastic time for first-time buyers. Townhouses are seeing less of a price drop because it’s the next stage up.” If you’re looking for a North Vancouver detached home at around $2 million, Barclay says, you can still be in multiple offers on renovated listings. Looking for a fixer-upper? There are affordable options here, too. 

Real estate and reports versus the reality Canadians are facing

Many homes in Canada are still priced beyond what first-timers can afford. You can thank a bleak economic outlook, since U.S. tariffs blew in plus overall global uncertainty, for buyers being hesitant about making big investments. 

Is this summer a good time to buy? Samson says it depends. “Prices haven’t started going down significantly. Some sellers are adjusting (their prices) so that they can see a sale before the summer. I always say to time your purchase with what feels right in your life because nobody has a crystal ball,” she says. 

“Summer is always a good time to purchase a home that might have been sitting on the market overpriced in the spring; that can be a good opportunity for a buyer. There are still multiple offers on certain properties, but mostly buyers can take their time. There’s less of a rush, the demand is lower, so first-time buyers can do their homework before engaging in an offer on a property.”

Read more from this issue of The Get:

1. How to split the bill at dinner with friends—minus the social awkwardness
2. Katrice Justice on teaching Gen Z about money
3. Do gift cards expire? And other questions about GCs in Canada
4. Can you open an RDSP after you turn 18?