In September, the Teranet-National Bank Composite Index continues to grow, so that house prices are now just 1.6% off their April 2022 peak, a clear improvement on the record 8.6% decline we saw in April 2023. However, with real estate activity slowing, price growth moderated compared to the previous month for the third consecutive month, with September’s 0.7% increase less than half that seen in August. Of the 31 cities covered in September, 71% experienced slower growth than the previous month, the most generalized slowdown since July 2022 and the second most widespread in the last nine years. Given the growing impact of policy rate hikes, the recent increase in longer-term bond rates and the less buoyant economic context, there is reason to believe that price declines could occur by the end of the year. However, they should remain limited thanks to the support of historical demographic growth and the persistent lack of housing supply.