The Teranet-National Bank composite index fell 1.5% from March to April, marking the fourth consecutive monthly decline and a sharper contraction than in previous months. This comes at a time when the resale market continues to be particularly weak, due in large part to the uncertainty surrounding the trade war with the United States. As a result, prices have declined by 2.4% since December 2024, with a more pronounced decline for condominiums (-2.7%) and a slightly less pronounced decline for other types of housing (-2.1%). It should be noted that 68% of the markets monitored (21 out of 31) were down during the month, a higher number than the 61% observed in March, while the proportion of CMAs outside Ontario jumped in April (40% to 67%). Conversely, the number of markets in decline in Ontario was lower than in the previous month (81% to 69%) but remained high. It should be noted that the weakness in Ontario’s real estate market remains significant, with 75% of the markets covered experiencing a decline of 10% or more from their all-time highs, compared to only 27% elsewhere in the country. In addition, challenges are intensifying in the province’s three largest cities, all of which experienced monthly declines in April that were twice as large as those seen in March (Toronto: -1.3% to -2.7%, Hamilton: -0.8% to -3.9%, Ottawa-Gatineau: -0.5% to -1.0%). In the 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.

Month-Over-Month

The Teranet-National Bank Composite House Price Index™, which covers the country’s eleven largest CMAs, fell 1.5% from March to April, marking the fourth consecutive monthly decline. In April, nine of the 11 CMAs included in the index experienced declines: Halifax (-4.9%), Hamilton (-3.9%), Toronto (-2.7%), Ottawa-Gatineau (-1.0%), Vancouver (-0.8%), Quebec City (-0.6%), Montreal (-0.4%), Victoria (-0.2%) and Winnipeg (-0.2%). Conversely, prices rose in Edmonton (+1.0%) and Calgary (+0.8%). Meanwhile, declines were observed in 12 of the 20 CMAs not included in the composite index for which data are available for April. The largest monthly decreases were observed in Moncton (-5.9%), Oshawa (-4.6%) and London (-4.2%). Conversely, the largest increases were in Thunder Bay (+7.5%), Saint John (+7.0% after a 5.7% decline the previous month) and Sudbury (+2.6%).

Before seasonal adjustments, the Teranet-National Bank Composite House Price Index™ declined by 0.2% from March to April.

Year-Over-Year

The Teranet-National Bank Composite Home Price Index™ rose 0.2% from April 2024 to April 2025, a slower pace than the 2.3% growth recorded the previous month. Eight of the 11 cities that make up the composite index saw increases in April. Quebec City led the way with a 13.4% year-over-year increase, followed by Montreal with a 6.6% gain and Winnipeg with 6.5% growth. Conversely, Toronto (-3.5%), Hamilton (-3.0%) and Vancouver (-0.7%) saw declines over 12 months. Regarding the 20 other CMAs not included in the composite index, annual gains were observed in ten of them. Among the markets on the rise, the strongest growth was recorded in Trois-Rivières (+22.2%), Saint John (+20.9%) and Thunder Bay (+15.6%). Conversely, the largest declines were in Oshawa (-6.9%), London (-3.9%) and Kelowna (-3.5%).

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The Teranet-National Bank HPI Declines Intensify in April