The economic conditions that have been plaguing real estate markets like Toronto and Vancouver for months are starting to spread to the Prairies and Maritimes, where major cities are seeing price growth come to a halt.
Data from Wahi, a digital real estate platform, and Real Property Solutions (RPS), a Canadian property valuation service provider, show that price growth in June slowed notably in Edmonton and Regina, while prices in Halifax have declined.
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Wahi economist Ryan McLaughlin said the three communities are starting to feel the impact of slowing immigration and relatively high interest rates, which are eating into buyer demand and purchasing power.
We spoke to realtors and Mr. McLaughlin to take a closer look at some of the reasons why these markets are stalling.
Halifax
Halifax has posted year-over-year home value declines of 4 per cent for three months straight. That’s flipped the script from the property market’s consecutive months of 4-per-cent growth toward the end of 2025.
Matt Honsberger, broker and owner of Royal LePage Atlantic in Halifax, said transactions have been slowing for a long enough period that it’s causing price drops.
One unique factor to the Maritime city is a boom in the development of purpose-built rental buildings. Mr. Honsberger said there are currently 13,000 units at some stage of approval or construction – a large number for a region of just over 500,000 people.
“That’s a lot for our market to absorb,” Mr. Honsberger said.
Halifax's period of decline may be short-lived because of Ottawa's recent military submarine deal, which is expected to bring billions of dollars of investment to the region.Darren Calabrese/The Globe and Mail
He said renters are in no rush to buy right now, since rent rates are dropping as a result of new supply, and that’s eating into real estate demand.
Halifax also has a large number of postsecondary institutions, and the decline in foreign students has had an outsized impact in the city.
However, Mr. Honsberger said this period of decline in the Halifax market may be short-lived because of a recent military submarine deal, which could bring billions of dollars of investment to the region and tens of thousands of jobs.
Edmonton
Edmonton’s real estate market is still posting modest gains, but the speed of growth has diminished fast. In June, Wahi-RPS data showed 1 per cent year-over-year growth in housing values. That compares with growth as high as 7 per cent in mid-2025.
Eddie Chang, a sales representative in Edmonton, said the city managed to also reach a new record last month, when the average selling price of a detached home surpassed $600,000 for the first time ever.
However, market conditions are becoming tougher for sellers. Resale listings are staying on the market for longer, as they compete with newly built homes that are eligible for GST rebates.
“If you’re in a neighbourhood where you’re competing with new home inventory … competing against them getting their GST rebate is going to affect resale prices,” Mr. Chang said.
Resale listings in Edmonton are staying on the market for longer, as they compete with newly built homes that are eligible for GST rebates.JASON FRANSON/The Canadian Press
He said the market currently has 10 per cent more listings than the same time last year, and sales are occurring at a rate 4 per cent slower.
Interprovincial migration has also slowed. In previous years, Mr. Chang said roughly 40 per cent of inquiries on listings came from people from outside of Alberta. Today, that interest has dried up, he said.
Regina
The Saskatchewan capital was posting strong year-over-year gains in housing values just a few months ago, including a 9-per-cent gain in January, according to data from Wahi-RPS.
Now, June numbers show that growth has come to a complete stop with Prairie city housing values unchanged.
Mr. McLaughlin said cities like Regina have long suffered from boom-bust markets, where developers overbuild at times when housing is performing strong. The effect is exacerbated by relaxed building restrictions, which make it easier for developers to get projects started.
Meanwhile, he suspects that federal government cuts to immigration and falling population numbers in the country mean that fewer people are moving to Regina from major urban centres like Toronto or Vancouver.
“There’s a supply surge at a time when demand is dropping,” Mr. McLaughlin said.
Fewer people are moving to Regina from major urban centres like Toronto or Vancouver, economist Ryan McLaughlin says.Heywood Yu/The Canadian Press
