{"id":28115,"date":"2026-07-29T10:10:52","date_gmt":"2026-07-29T17:10:52","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=28115"},"modified":"2026-07-29T08:03:04","modified_gmt":"2026-07-29T15:03:04","slug":"national-hpi-continue-to-fall-for-the-seventh-consecutive-month","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2026\/07\/national-hpi-continue-to-fall-for-the-seventh-consecutive-month\/","title":{"rendered":"National HPI Continue to Fall for The Seventh Consecutive Month"},"content":{"rendered":"<p style=\"text-align: justify;\">The Teranet\u2013National Bank Composite Index fell 0.4% in June, marking a seventh consecutive monthly decline and leaving prices 4.3% below their year-earlier level. The weakness in prices persists even as resale activity has improved for three straight months. Home sales rose 0.5% in June following stronger gains in April and May but remain -19.8% below their historical average (considering the number of households), suggesting that the recent improvement is better characterized as a recovery from depressed levels than a return to underlying strength. Moreover, Ontario accounted for the national increase in sales, but market conditions remain relatively soft in both Ontario and British Columbia given accumulated supply. This regional divide is also evident in prices: Toronto and Vancouver were down 7.3% and 6.8%, respectively, from a year earlier, while Quebec City, Winnipeg and Montreal continued to record gains.<\/p>\n<p style=\"text-align: justify;\">The recent strengthening of the labour market and the improvement in affordability stemming from lower prices should support a gradual normalization in activity, particularly in Ontario. However, any price recovery is likely to remain modest and uneven. Population contraction is restraining underlying demand, mortgage rates have risen from their early-2026 lows, household appetite for major purchases remains subdued and uncertainty surrounding the CUSMA review continues to weigh on confidence. All told, we expect prices in Toronto and Vancouver to move closer to stabilization toward the end of the year, but broad-based or sustained gains remain unlikely in the near term.<\/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 0.4% from May to June, marking the seventh consecutive monthly decline (seasonally adjusted). In June, seven of the 11 CMAs included in the index recorded declines: Vancouver (-1.4%), Victoria (-1.2%), Calgary (-0.8%), Edmonton (-0.8%), Winnipeg (-0.6%), Ottawa-Gatineau (-0.5%), and Toronto (-0.3%). Conversely, prices rose in Hamilton (+3.2%), Quebec City (+0.7%), and Halifax (+0.6%), while they remained stable in Montreal. Additionally, declines were observed in 8 of the 20 CMAs not included in the composite index for which data were available in June. The largest monthly declines were recorded in Trois-Rivi\u00e8res (-5.6%), Brantford (-2.6%), and Moncton (-2.4%). Conversely, the largest increases were observed in Sudbury (+3.1%), Kingston (+3.0%), and Barrie (+2.3%).<\/p>\n<p style=\"text-align: justify;\">Before seasonal adjustments, the Teranet-National Bank Composite House Price Index\u2122 rose 0.3% from May to June, marking the fourth 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 4.3% between June 2025 and June 2026, matching the drop recorded the previous month. Declines were recorded in seven of the 11 cities that make up the composite index in June. Toronto led the way with a 7.3% year-over-year price decline, followed by Vancouver (-6.8%) and Hamilton (-5.7%). Conversely, the sharpest increases were observed in Quebec City (+10.6%), Winnipeg (+4.0%), and Montreal (+2.6%). Among the 20 other CMAs not included in the composite index, 15 posted annual declines. Among the declining markets, the sharpest decreases were recorded in Barrie (-9.0%), Oshawa (-8.5%), and St-Catharines (-7.6%). Conversely, the strongest increases were observed in Lethbridge (+8.5%) and Trois-Rivi\u00e8res (+6.6%).<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/housepriceindex.ca\/2026\/07\/june2026\/\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the full report.<\/p>\n<p><a href=\"https:\/\/housepriceindex.ca\/2026\/07\/prices-continue-to-fall-for-the-seventh-consecutive-month\/\" target=\"_blank\" rel=\"noopener\">Prices Continue to Fall for The Seventh Consecutive Month<\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/housepriceindex.ca\/2026\/07\/june2026\/\" target=\"_blank\" rel=\"noopener\">Teranet-National Bank House Price Index\u2122 Falls for A Seventh Consecutive Month<\/a> by Alexandra Ducharme | Economist | National Bank of Canada<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Teranet\u2013National Bank Composite Index fell 0.4% in June, marking a seventh consecutive monthly decline and leaving prices 4.3% below their year-earlier level. The weakness in prices persists even as &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2026\/07\/national-hpi-continue-to-fall-for-the-seventh-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-28115","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 v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>National HPI Continue to Fall for The Seventh 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\/07\/national-hpi-continue-to-fall-for-the-seventh-consecutive-month\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"National HPI Continue to Fall for The Seventh Consecutive Month &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Teranet\u2013National Bank Composite Index fell 0.4% in June, marking a seventh consecutive monthly decline and leaving prices 4.3% below their year-earlier level. 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