Why September’s resale slump is spreading across Canadian markets
The pullback comes just weeks after RBC characterized August’s slowdown as a temporary detour rather than a derailment.
“Diverging trends across the country reflect different states of confidence, affordability, pent-up demand, demographics, job markets and market inventory. Even macroeconomic factors like interest rates and immigration policy see their impact shaped by the local context,” the report said.
Toronto and Vancouver lead home price declines
Ontario and British Columbia remain the weakest links. In the Vancouver area, the composite MLS Home Price Index (HPI) – a benchmark tracking the value of a typical home – sat 5.5% below year-ago levels.
Resales, meanwhile, fell nearly 8% from August on a seasonally adjusted basis.
“Further depreciation will likely be necessary to draw in more buyers,” the report said, warning that with active listings near a decade high, price weakness could last through this year and “possibly into 2027.”
