The latest Canadian Real Estate Association (CREA) report shows a small but steady rise in national home sales this October, continuing a slow recovery that has been building through most of 2025. Sales increased 0.9 percent month-over-month, marking the sixth increase in seven months.
While activity is still quieter compared with last year, many signs point to stabilising conditions heading into 2026. Actual sales remain 4.3 percent below October 2024, and the national average price dipped 1.1 percent year-over-year, but this levelling out is often what sparks renewed confidence in both buyers and sellers.
CREA’s senior economist noted that interest rates are now “almost in stimulative territory,” which is something we have not been able to say for quite some time. Lower borrowing costs usually encourage more buyers to enter the market, helping sellers move forward with their plans.
New listings fell 1.4 percent in October, tightening the sales-to-new-listings ratio to 52.2 percent. This is still a balanced market, though it is inching closer to seller-friendly territory. Canada is also holding at 4.4 months of inventory, slightly below the long-term average. A balanced market gives both sides breathing room: buyers have options, and sellers are not competing in the high-pressure environment we saw earlier in the decade.
Across the provinces, momentum remains mixed. British Columbia, Alberta, and Quebec saw increased activity this month, while Ontario, Saskatchewan, and Manitoba experienced slight declines. Even with steady national improvements, economists note that sales levels across Canada are still relatively low, and the full recovery will take time. Factors such as job-market improvements, population growth, and easing interest rates are expected to gradually lift activity into 2026.
Price trends are also showing signs of stabilisation. The MLS Home Price Index rose 0.2 percent month-over-month and now sits just 3 percent below last year. This marks the smallest annual price decline since March and points to a market that is finding its footing after a turbulent period. The national average price reached $690,195 in October.
So what does this mean for buyers and sellers here in Prince George?
For buyers, especially first-time buyers and downsizers, improved affordability and slower price growth create an opportunity to enter the market without the intense competition seen in previous years. With interest rates expected to ease further into 2026, borrowing could soon become more comfortable for many families.
For sellers, balanced conditions offer a more predictable environment. Well-priced homes continue to move, and properties with features suited to our northern lifestyle remain in demand. Detached homes, multi-generational layouts, and properties with suites continue to perform strongly as families look for flexibility and long-term value.
As someone who has worked in Prince George real estate for more than 20 years, I can say this: steady markets are healthy markets. They help buyers plan, help sellers transition smoothly, and help families make confident decisions about their next move.
If you are thinking about buying or selling in 2026, now is the perfect time to start the conversation. A clear plan, realistic expectations, and local market insight make all the difference.
Reach out anytime. I would be happy to guide you.
Jason Luke
Senior Relocation Specialist and REALTOR®
Prince George, BC
jasonlukehomes at gmail dot com
250-301-9960