Map of Canada
composite 11 weightings donut chart Select Ottawa Select Montreal Select Quebec City Select Halifax Select Victoria Select Vancouver Select Calgary Select Edmonton Select Winnipeg Select Hamilton Select Toronto
m/m
ytd
y/y
Index base value of 100 = June 2005
Map of...
Population  
Land in square kilometers  
Population density (pop./km2)  
Number of occupied private dwellings  
Owned / Rented %  
One-family households  
Multi-family households  
Non-family households  
Average household income  
Aggregate value of dwellings  
CMA profile and table data are based on 2021 Census Data
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Teranet–National Bank House Price Index™

An independent representation of the rate of change of Canadian single-family home prices.
Index
m/m
ytd
y/y
Post Category: Monthly Reports
April 17, 2025
Teranet-National Bank House Price Index continues to decline in March

MONTH-OVER-MONTH The Teranet-National Bank Composite House Price Index™, which covers the country’s eleven largest CMAs, decreased by 0.4% from February to March, marking the third consecutive monthly decline. In March, four of the 11 CMAs included in the index experienced decreases: Halifax (-1.9%), Toronto (-1.2%), Hamilton (-0.8%), and Ottawa-Gatineau (-0.4%). Conversely, prices increased in Victoria […]

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HPIs in Canada -
How methodologies
impact results
Download Whitepaper

This whitepaper offers an overview of:

  • How HPIs are widely used to estimate and monitor economic activity in the housing sector;
  • Insight into the variety of methods for calculating HPIs;
  • How HPIs play a significant role in policy development, market and financial regulation for public and private organizations around the globe.
Post Category: News and Economic Reports
April 17, 2025
House prices continue to fall in March

The Teranet-National Bank composite index fell 0.4% from February to March, marking a third consecutive monthly decline and a sharper contraction than in previous months. This comes at a time when the resale market continues to slow, due in particular to uncertainty surrounding the trade war with the United States. As a result, prices have declined by 0.7% since December 2024, with a more pronounced decline for condominiums (-1.2%) and a slightly less significant decline for other types of housing (-0.3%). Although the real estate market has slowed in all provinces, the magnitude of this decline in activity is particularly noticeable in Ontario and, to a lesser extent, in British Columbia, the two least affordable markets in the country. Furthermore, the weakness in the Ontario housing market is not limited to a few markets, but is a broader issue, as 81% of the CMAs in this province (13 out of 16) covered by our price indices experienced declines from February to March, compared to only 40% for other markets outside Ontario. It should also be noted that more affordable real estate markets are faring better. This is particularly true in Quebec, where the four CMAs covered by our indices are among the top five in the country in terms of annual price growth (Sudbury completing the list), with increases ranging from 9.7% in Montreal to 18.3% in Trois-Rivières compared to March 2024. In a context of ongoing economic uncertainty, moderate population growth and the risk that long-term interest rates will remain higher for longer than expected, home prices are likely to remain under pressure in the coming months.

April 2025

Methodology
HPI Methodology
 
Introduction to Index
Introduction to Index
 
Public Solutions

Gain unparalleled insight into the dynamics of a highly varied Canadian housing market with the Teranet-National Bank House Price Index™ monthly public release.

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