RBC’s “convergence” thesis
RBC’s “convergence” thesis: the markets that carried Canadian real estate for the past two years — Prairies, Quebec, Atlantic Canada — are showing signs of topping out. Regina, Saskatoon, Winnipeg, Montreal, Quebec City, Moncton and PEI all posted monthly resale declines in July, and Quebec’s annual price gains have fallen to less than half what they were at the start of the year.
Meanwhile Ontario — the market that took the hardest hit the last three years — is the one RBC flags as initiating a recovery.
For investors, that’s a directional signal on where capital and deal flow could rotate next, not a guarantee. Immigration cuts and affordability pressure are still headwinds across the board.
Source: RBC Economics, “Focus on Canadian Housing” (Robert Hogue), Aug 18 2026.
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