After a year of expected rate cuts, forecasters are starting to question how long Canada’s easing cycle will last—and whether rates might start rising again in 2026.

Once the country’s hottest real estate region, the Greater Toronto and Hamilton Area condo market hit a 35-year low this year, according to a new report by real estate research firm Urbanation.

The number of home sales recorded over Canadian MLS® Systems declined by 1.7% on a month-over-month basis in September 2025, ending a string of gains that began in April. That said, it was still the best month of September for sales since 2021.