{"id":27771,"date":"2026-05-27T10:10:03","date_gmt":"2026-05-27T17:10:03","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=27771"},"modified":"2026-05-27T09:24:01","modified_gmt":"2026-05-27T16:24:01","slug":"national-hpi-continue-to-fall-for-the-fifth-consecutive-month","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2026\/05\/national-hpi-continue-to-fall-for-the-fifth-consecutive-month\/","title":{"rendered":"National HPI Continue to Fall for The Fifth Consecutive Month"},"content":{"rendered":"<p style=\"text-align: justify;\">The Teranet-National Bank Composite Index fell for the fifth consecutive month in April, with property prices declining by 0.7% on a month-over-month basis. This brought the cumulative price decline to 3.0% over the past five months and 4.5% over the past year. However, the price decline in April was less pronounced than the 1.0% drop recorded in March, as the resale housing market saw its first increase in transactions in six months. Nevertheless, sales levels remain particularly low, with the ratio of transactions per household nationwide still 25% below its historical average. Affordability challenges also continue to weigh on property prices, as evidenced by the fact that the largest declines over the past year were recorded in the country\u2019s least affordable markets, while the strongest increases were observed in the most affordable cities. Despite the recent uptick in transactions in the resale market, it is still too early to speak of a sustained recovery for the housing market. Indeed, several factors continue to weigh on the residential sector, including demographic decline, a weak labour market since the start of the year, and trade and geopolitical uncertainty. The conflict in the Middle East has indeed had repercussions on the Canadian housing market, with mortgage rates rising over the past two months as bond yields climbed due to rising inflation. In this context, we expect prices to continue to decline in the coming months, primarily due to particularly loose market conditions in Ontario and British Columbia.<\/p>\n<p style=\"text-align: justify;\"><strong>Month-Over-Month<\/strong><\/p>\n<p style=\"text-align: justify;\">The Teranet-National Bank Composite House Price Index\u2122, which covers the country&#8217;s eleven largest CMAs, fell by 0.7% from March to April, marking the fifth consecutive monthly decline (seasonally adjusted). In April, 6 of the 11 CMAs included in the index recorded declines: Winnipeg (-2.3% after +8.6% the previous month), Calgary (-1.2%), Toronto (-1.1%), Vancouver (-0.7%), Montreal (-0.5%), and Hamilton (-0.3%). Conversely, prices rose in Halifax (+2.4% after -3.8% the previous month), Ottawa-Gatineau (+1.1%), Victoria (+0.4%), Edmonton (+0.1%), and Quebec City (+0.1%). In addition, declines were observed in thirteen of the 20 CMAs not included in the composite index for which data are available for April. The sharpest monthly declines were recorded in Sudbury (-7.1% after +8.6% the previous month), Belleville (-6.1% after +4.5% the previous month), Trois-Rivi\u00e8res (-4.4% after +2.0% the previous month), and Brantford (-4.1% after +7.6% the previous month). Conversely, the largest increases were observed in Sherbrooke (+2.4% after -4.0% the previous month), Moncton (+2.4% after -4.4% the previous month), and Kelowna (+2.3% after -7.2% the previous month).<\/p>\n<p style=\"text-align: justify;\">Before seasonal adjustments, the Teranet-National Bank Composite House Price Index\u2122 rose 0.3% from March to April, marking the second consecutive monthly increase.<\/p>\n<p style=\"text-align: justify;\"><strong>Year-Over-Year<\/strong><\/p>\n<p style=\"text-align: justify;\">The Teranet-National Bank Composite House Price Index\u2122 fell by 4.5% between April 2025 and April 2026, a slower decline than the 5.0% drop recorded the previous month. Declines were recorded in five of the 11 cities that make up the composite index in April. Toronto led the way with an 8.7% year-over-year price decrease, followed by Vancouver (-7.4%) and Hamilton (-6.6%). Conversely, the sharpest increases were seen in Quebec City (+13.3%), Winnipeg (+6.7%), and Montreal (+4.6%). Among the 20 other CMAs not included in the composite index, 16 posted annual declines. Among the falling markets, the sharpest decreases were recorded in Peterborough (-10.1%), Kitchener (-9.0%), and Brantford (-8.0%). Conversely, the strongest increases were observed in Lethbridge (+8.5%) and Sherbrooke (+2.7%).<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/housepriceindex.ca\/2026\/04\/march2026\/\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the full report.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/housepriceindex.ca\/2026\/05\/prices-continue-to-fall-for-the-fifth-consecutive-month\/\" target=\"_blank\" rel=\"noopener\">Teranet-National Bank House Price Index\u2122 Falls for A Fifth Consecutive Month<\/a> by Daren King | Economist | National Bank of Canada<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Teranet-National Bank Composite Index fell for the fifth consecutive month in April, with property prices declining by 0.7% on a month-over-month basis. This brought the cumulative price decline to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2026\/05\/national-hpi-continue-to-fall-for-the-fifth-consecutive-month\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-27771","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>National HPI Continue to Fall for The Fifth Consecutive Month &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2026\/05\/national-hpi-continue-to-fall-for-the-fifth-consecutive-month\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"National HPI Continue to Fall for The Fifth Consecutive Month &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Teranet-National Bank Composite Index fell for the fifth consecutive month in April, with property prices declining by 0.7% on a month-over-month basis. 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