7 Canadian cities see house price declines

Housing prices are now declining in seven Canadian cities.

For the first time since July 2023, a majority of the 13 major metro areas in Canada are seeing price declines, according to the April House Price Index from real estate platform Wahi and Real Property Solutions, a property valuation service provider.

Seven major Canadian housing markets are experiencing annual price declines, with Calgary becoming the latest market to see home prices dip, the House Price Index report states.

But these declines are a reflection of more balanced conditions taking root following a period of strong growth rather than a correction, the report states.

“Calgary began last year with a boom as prices were soaring by upwards of 10 per cent,” said RPS-Wahi economist Ryan McLaughlin. “In this context, the latest price declines in the market are negligible.”

Along with Calgary, Halifax (-5 per cent), Ottawa (-5 per cent), Vancouver (-5 per cent), Toronto (-8 per cent), Victoria (-8 per cent) and Hamilton (-9 per cent) all saw declines.

“More markets across Canada are displaying buyer-friendly signs, though affordability remains a concern nearly across the board,” said McLaughlin.

The report also found that the national home price — which is based on the latest monthly actual home values in 1,000 towns and cities across the country — declined by four per cent on a year-over-year basis in April.

That marks the sharpest annual drop recorded by the index since July 2023 and a slightly steeper decline than in March, when prices were down three per cent annually, the report noted.

See the full report here.