{"id":28532,"date":"2026-09-25T10:10:35","date_gmt":"2026-09-25T17:10:35","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=28532"},"modified":"2026-09-25T12:12:54","modified_gmt":"2026-09-25T19:12:54","slug":"national-home-sales-began-to-decline-again-which-had-a-negative-impact-on-price-trends","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2026\/09\/national-home-sales-began-to-decline-again-which-had-a-negative-impact-on-price-trends\/","title":{"rendered":"National Home Sales Began to Decline Again, Which Had A Negative Impact on Price Trends"},"content":{"rendered":"<p style=\"text-align: justify;\">After posting a slight increase of 0.1% in July, the Teranet\u2013National Bank Composite Index turned downward again in August, with a monthly decline of 0.2%. This contraction marks the<br \/>\neighth decline in nine months, pushing prices down 4.2% from their most recent peak in November 2025 and to their lowest level since April 2023.<\/p>\n<p style=\"text-align: justify;\">The price increase in July capped a recovery in activity observed in the resale housing market during the spring and summer, which was driven by a significant improvement in the labour<br \/>\nmarket over that period and in housing affordability conditions. However, home sales began to decline again in August, which had a negative impact on price trends, while the<br \/>\nupswing in the job market appears to be fading.<\/p>\n<p style=\"text-align: justify;\">Among other headwinds, it is worth noting that housing affordability is expected to deteriorate over the coming quarters. Indeed, the sharp rise in U.S. bond yields has pushed Canadian bond<br \/>\nyields higher. Although the impact on mortgage rates has been limited so far, higher financing costs are expected in the coming weeks for households looking to take out a mortgage. This increase will therefore limit their borrowing capacity and weigh on price growth.<\/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 0.2% from July to August. This decline marks the eighth drop in nine months and follows a slight increase of 0.1% in July. In August, six of the 11 CMAs included in the index recorded declines: Vancouver (-1.6%), Halifax (-0.6%), Ottawa-Gatineau (-0.15%), Winnipeg (-0.3%), Hamilton (-0.3%), and Edmonton ( 0.1%). Conversely, prices rose in Victoria (+0.5%), Quebec City (+0.4%), Toronto (+0.4%), Montreal (+0.3%), and Calgary (+0.2%). In addition, declines were observed in 10 of the 20 CMAs not included in the composite index for which data were available in August. The sharpest monthly declines were recorded in Saint John (-7.2% after +4.6% the previous month), St. Catharines (-3.3%), and Belleville (-2.7%). Conversely, the largest increases were observed in Thunder Bay (+3.9%), Lethbridge (+3.2% after -3.1% the previous month), and Abbotsford-Mission (+1.9% after -2.6% the previous month).<\/p>\n<p style=\"text-align: justify;\">Before seasonal adjustments, the Teranet-National Bank Composite House Price Index\u2122 fell by 0.6% from July to August, marking the first decline in six months.<\/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 3.2% between July 2025 and July 2026, a smaller decline than the 4.3% drop observed the previous month. Declines were recorded in seven of the 11 cities that make up the composite index in July. Toronto led the way with a 5.7% year-over-year price decline, followed by Vancouver (-5.2%) and Hamilton (-4.1%). Conversely, the sharpest increases were seen in Quebec City (+8.5%), Winnipeg (+4.3%), and Montreal (+2.4%). Among the 20 other CMAs not included in the composite index, 14 posted year-over-year decreases. Among the declining markets, the sharpest drops were recorded in Abbotsford-Mission (-8.1%), Barrie (-6.9%), and Kitchener (-6.4%). Conversely, the strongest increases were observed in Thunder Bay (+6.5%) and Trois-Rivi\u00e8res (+8.5%).<\/p>\n<p style=\"text-align: justify;\">Teranet-National Bank Composite House Price Index fell 3.6% between August 2025 and August 2026, a steeper decline than the 3.2% drop recorded the previous month. Declines were recorded in seven of the 11 cities that make up the composite index in July. Vancouver led the way with a 6.5% year-over-year price decrease, followed by Hamilton (-6.2%) and Toronto (-6.1%). Conversely, the sharpest increases were seen in Quebec City (+9.0%), Montreal (+4.1%), and Winnipeg (+2.4%). Among the 20 other CMAs not included in the composite index, 15 posted year-over-year declines. Among the declining markets, the sharpest decreases were recorded in St. Catharines (-8.9%), Barrie (-7.7%), and Guelph (-7.3%). Conversely, the strongest increases were observed in Thunder Bay (+13.0%) and Trois-Rivi\u00e8res (+5.9%).<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/housepriceindex.ca\/2026\/09\/august2026\/\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the full report.<\/p>\n<p><a href=\"https:\/\/housepriceindex.ca\/2026\/09\/prices-began-to-fall-again-in-august\/\" target=\"_blank\" rel=\"noopener\">Prices Began to Fall Again in August<\/a> by National Bank of Canada<\/p>\n<p><a href=\"https:\/\/housepriceindex.ca\/2026\/09\/august2026\/\" target=\"_blank\" rel=\"noopener\">Teranet-National Bank House Price Index Turned Downward Again in August<\/a> by Daren King | Economist | National Bank of Canada<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After posting a slight increase of 0.1% in July, the Teranet\u2013National Bank Composite Index turned downward again in August, with a monthly decline of 0.2%. This contraction marks the eighth &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2026\/09\/national-home-sales-began-to-decline-again-which-had-a-negative-impact-on-price-trends\/\">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-28532","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 v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>National Home Sales Began to Decline Again, Which Had A Negative Impact on Price Trends &#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\/09\/national-home-sales-began-to-decline-again-which-had-a-negative-impact-on-price-trends\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"National Home Sales Began to Decline Again, Which Had A Negative Impact on Price Trends &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"After posting a slight increase of 0.1% in July, the Teranet\u2013National Bank Composite Index turned downward again in August, with a monthly decline of 0.2%. This contraction marks the eighth &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/09\\\/national-home-sales-began-to-decline-again-which-had-a-negative-impact-on-price-trends\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/09\\\/national-home-sales-began-to-decline-again-which-had-a-negative-impact-on-price-trends\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"National Home Sales Began to Decline Again, Which Had A Negative Impact on Price Trends\",\"datePublished\":\"2026-09-25T17:10:35+00:00\",\"dateModified\":\"2026-09-25T19:12:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/09\\\/national-home-sales-began-to-decline-again-which-had-a-negative-impact-on-price-trends\\\/\"},\"wordCount\":622,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\",\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/09\\\/national-home-sales-began-to-decline-again-which-had-a-negative-impact-on-price-trends\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/09\\\/national-home-sales-began-to-decline-again-which-had-a-negative-impact-on-price-trends\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/09\\\/national-home-sales-began-to-decline-again-which-had-a-negative-impact-on-price-trends\\\/\",\"name\":\"National Home Sales Began to Decline Again, Which Had A Negative Impact on Price Trends &#8226; 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