Canada Home Prices Hit Their Lowest Since 2023

As someone who’s dedicated to guiding buyers and sellers across Eastern Ontario, I’m always keeping an eye on how the market shifts. Recently, a national index tracking 11 major Canadian cities showed home prices slipping by less than 0.5% month-over-month, marking the eighth decline in nine months. This brings prices to their lowest point since early Q2 2023—about 4% below the late-2025 peak we saw less than a year ago. That brief rebound from earlier this year faded, with the adjusted measure down 0.5%, its first drop in six months after some support from job numbers and affordability. Over the past year, national declines deepened to 4%, with Vancouver, Hamilton, and Toronto seeing the largest drops, while Quebec City, Montreal, and Winnipeg continued to post gains. With bond yields rising, it’s expected that new mortgage costs will climb, borrowing power will be squeezed, and affordability will be further tested as sales slow. My aim is always to give you a clear, honest perspective—especially when the market can feel uncertain.