Canada’s housing market weakened in September, with the national benchmark home price falling further below year-earlier levels, according to data released by the Canadian Real Estate Association (CREA).
The non-seasonally adjusted National Composite MLS Home Price Index (HPI) declined 3.4% from September 2025, marking the first time since January that the year-over-year decline had widened, CREA reported.
The non-seasonally adjusted national average home price was $666,538 in September, down 1.6% from the same month a year earlier.
The benchmark index and the national average measure different aspects of the housing market. The MLS HPI tracks price trends for a representative home, while the average price reflects the properties sold during that period and can fluctuate depending on the mix of transactions.
The steeper annual decline in the benchmark index points to continued downward pressure on Canadian home values. The widening decline also suggests that the market has yet to establish a sustained recovery in prices.
The figures provide a snapshot of a housing market still adjusting to affordability constraints, borrowing costs and changing buyer demand. Regional differences remain important, however, and national figures can obscure divergent conditions among local markets.
The trajectory of home prices in the coming months will depend on the balance between buyers and sellers, financing conditions and the pace of housing demand.
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