Canada's weak housing market start to 2026, debating whether January's 16.2% year-over-year sales decline signals a deeper slowdown or just winter seasonality.⁠⁠​

• National weakness across metrics: Sales down 16.2% YoY, new listings up 7.3%, sales-to-new listings ratio fell to 45%, and HPI down 4.9% YoY⁠⁠​
• Regional divergence: Ontario markets (Hamilton, Oakville) down double digits, while secondary markets like Quebec City and Sudbury show double-digit gains⁠⁠​Investor positioning:
• Buyers have more negotiating leverage; sellers need to price correctly as multiple offers are limited to select markets

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