Time for your cheat sheet on this week’s top stories.
Canadian Real Estate
Canada Lost 110,000 Jobs Over Two Months, Wiping Out 2026 Gains
The narrative of Canada’s resilient job market has flipped in just two months. Employment fell by roughly 70,000 jobs in September, totaling a drop of 110,000 since August. The two-month slump was so sharp that it wiped out any year-to-date gains, putting 2026 in the red. Bearing the brunt of the downturn are entrepreneurs, public workers, and young adults. This seems to be an increasingly common theme in recent years.
Canadian Rents Fall For 24th Month, Driven By Shrinking Unit Size
The average rent landlords are asking fell for a 24th straight month across Canada. The average fell to $2,034/month in September, 4.2% lower than last year and 9.2% below the May 2024 peak. A breakdown reveals the data is heavily skewed by region and size. The drop in Ontario was enough to eliminate the continued surge in provinces like Nova Scotia. At the same time, more than half of the national drop can be explained by shrinking apartment sizes.
Canadians Continue Migrating To Alberta and BC, Flee Ontario
Canada’s great internal migration shows over 110,000 residents moved to a new province in Q2 2026. The biggest winner continues to be Alberta’s net gain of 5,893 residents in Q2 2026, making it the top destination. Ontario was on the losing end, with 7,063 more residents leaving than it gained from other provinces. Holding onto the bottom of the list for years now suggests Ontario’s problems are now systemic.
Toronto Real Estate
Toronto Home Prices Plunge To 6-Year Low, 28% Below Peak
The price of a typical home across Greater Toronto fell 0.9% to $917,600 in September, and now sit 28.3% below March 2022’s peak. Last month saw the second-weakest sales volume for September in over 15 years. Active listings also came in at the second-highest volume over the same period. The weak demand balance leaves the region in a buyer’s market, where prices are expected to fall.
Vancouver Real Estate
Vancouver Home Prices Hit A 5-Year Low As Buyers Pull Back
The price of a typical home across Greater Vancouver slipped 0.6% to $1.08 million in September, 5.5% lower than last year. The drop came with an 8.2% drop in sales, leaving volumes at levels rarely seen outside of a recession. Inventory tightened slightly, but remains at one of the highest September volumes. The persistently weak demand and strong inventory have pushed prices to a 5-year low.
