Canadian Homebuyers Enjoy Most Affordable Prices Since 2023

Canadian home prices fell to their lowest level since April 2023, dropping 0.2% from July to August and erasing 4.2% of value from the peak less than a year ago. Six of 11 major cities saw declines, led by Vancouver (-1.6%). The national composite index fell 3.6% year over year, with rising financing costs expected to limit borrowing capacity and weigh on price growth. Home sales declined again amid fading employment growth.