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Canadian house prices finally fall after months of increases

House prices in Canada declined by 0.4% between September and October, halting five consecutive monthly increases, the Teranet-National Bank House Price Index shows.

On an annual basis prices rose by 3.0% between September 2022 and 2023.

Major cities

In Toronto, Ontario, Canada’s biggest city, monthly prices fell by -1.36%, while they rose by 3.18% year-on-year.

Vancouver in British Columbia saw prices fell by -1.02% on a monthly basis, but still increase by a substantial 5.82% annually.

Meanwhile in Montreal, Quebec, prices fell both on a monthly and yearly basis, by -2.39% and -0.78% respectively.

Big increases

Some areas of Canada have seen big spikes in the house price.

For example Sherbrook in Quebec has seen a price increase of 11.08%, while Peterborough, Ontario, has registered an annual increase of 8.25%.

In other provinces, prices have risen by 6.04% year-on-year in Halifax, Nova Scotia, as well as by 6.03% in Calgary in Alberta.

Price falls

Prices generally increased annually, though there were multiple annual falls recorded in Ontario.

House prices fell in in Belleville (-2.72), Barrie (-2.71), St. Catherines (-2.49%), and Kingston (-2.46%).