Canadian home prices slide to their lowest point since 2023: report
“This contraction marks the eighth decline in nine months, pushing prices down 4.2% from their most recent peak in November 2025 and to their lowest level since April 2023,” said Daren King, an economist with the Economics & Strategy Group of National Bank of Canada, in the report.
The national composite index now sits at a level not seen since April 2023.
The August drop followed a brief lift in activity during the spring and summer, a modest resurgence that the report attributed to improving labour market conditions and some easing in affordability.
Regional splits reveal a market at odds with itself
Six of the 11 cities within the composite index posted month-over-month declines in August. Vancouver led the retreat with a 1.6% drop, followed by Halifax (-0.6%), Winnipeg (-0.3%), Hamilton (-0.3%), Ottawa-Gatineau (-0.15%), and Edmonton (-0.1%).
Five CMAs moved in the opposite direction: Victoria gained 0.5%, Quebec City and Toronto each rose 0.4%, Montreal was up 0.3%, and Calgary edged 0.2% higher.
