10/08/2026
Canada Home Prices Hit Their Lowest Since 2023
We're seeing a noteworthy shift in the Canadian housing market, as national home prices have now reached their lowest point since early Q2 2023. According to a national index tracking 11 major cities, prices slipped by just under 0.5% month-over-month—marking eight declines in the past nine months and undoing the brief uptick we saw earlier. Overall, prices are down about 4% from their late Q4 2025 peak, which was set less than a year ago. While earlier this year there was some momentum, it faded quickly, with the adjusted measure now down approximately 0.5%—its first drop in six months, despite earlier support from strong employment and affordability gains. Year-over-year, losses have deepened to around 4% nationally, with Vancouver, Hamilton, and Toronto leading the declines. Interestingly, cities like Quebec City, Montreal, and Winnipeg have continued to see gains. With higher bond yields expected to drive up new mortgage costs, borrowing capacity may become more limited and affordability could be further pressured, especially as home sales start to decline again. As someone dedicated to supporting buyers and sellers through all market conditions here in BC, I know how important it is to stay informed and approach your real estate journey with confidence.
