Canadian home prices fall in eight provinces, led by Nova Scotia

Canadian home prices fell in eight of nine provinces in September, with Nova Scotia posting the largest monthly decline. Data from the Canadian Real Estate Association shows the national benchmark price dropped 0.9 percent, or $5,700, to $651,400. That figure is 3.4 percent lower than a year ago and 22.5 percent below the market peak. Only Prince Edward Island bucked the trend with a 1.4 percent increase, or $5,100, which followed a 4.0 percent drop in August.

The largest monthly decline was in Nova Scotia, where prices fell 2.7 percent, or $11,800, driven by an abrupt plunge in Halifax. Saskatchewan saw a 1.3 percent drop, or $4,900, and Ontario a 1.0 percent drop, or $7,600, rounding out the three biggest monthly declines. Despite the broad monthly declines, most provinces still have higher prices than they did a year ago. Newfoundland leads in annual growth with a 5.5 percent increase, or $18,600. It was followed by Saskatchewan, which came in 2.8 percent, or $10,400, higher than last year, and New Brunswick at 2.7 percent, or $9,100.

Over the past year, British Columbia has seen the largest annual price drop at 4.7 percent, or $42,400. Ontario followed with a 3.9 percent, or $29,600, drop over the same period. Nova Scotia's monthly plunge pushed prices 2.5 percent, or $11,000, lower than last year. No province remains at its peak price, though Newfoundland is only 1.0 percent, or $3,700, below its July 2026 record high. Prince Edward Island has plunged 2.7 percent, or $10,500, from its peak in the same month.

Ontario has fallen the furthest from its peak, down 26.7 percent, or $268,800, since March 2022. British Columbia is a distant second, down 16.7 percent, or $174,300. Nova Scotia sits in third at just 4.1 percent, or $18,200, below its peak. The data highlights how concentrated the market correction has been, with a massive 10-point gap between Ontario and British Columbia's peak-to-current declines. The national index is down 22.5 percent from peak, but only Ontario has seen a drop larger than that.

With files from Better Dwelling