{"id":28736,"date":"2026-10-28T10:10:01","date_gmt":"2026-10-28T17:10:01","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=28736"},"modified":"2026-10-28T11:29:44","modified_gmt":"2026-10-28T18:29:44","slug":"national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2026\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/","title":{"rendered":"National HPI Remain Relative Stable, Mortgage Rates will Limit Borrowing Capacity &#038; Weigh on Price Growth"},"content":{"rendered":"<p style=\"text-align: justify;\">The Teranet-National Bank Composite Index rose 0.1% from August to September, marking the second marginal increase in three months. Overall, home prices have remained essentially stable since June after a period of decline beginning in December 2025.This stabilization in prices occurred as activity in the resale housing market had picked up since the spring, driven by a significant improvement in the labour market during that period and better housing affordability conditions. However, home sales began to decline again in August and September (top chart), while the upturn in the job market has faded.<\/p>\n<p style=\"text-align: justify;\">Among other headwinds, housing affordability is expected to deteriorate over the coming quarters. Indeed, the sharp rise in US bond yields has pushed Canadian bond yields higher. Unlike the previous month, when the impact on mortgage rates was still limited, September and early October were marked by a significant rise in mortgage rates, and further increases are still expected (bottom chart). This rise will therefore limit household 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, rose 0.1% from August to September. This marks the second increase in three months and follows a 0.2% decline in August. In September, four of the 11 CMAs included in the index posted increases: Hamilton (+2.5%), Victoria (+2.2%), Vancouver (+0.6% after a -1.6% decline the previous month), and Ottawa-Gatineau (+0.3%). Conversely, prices fell in Halifax (-1.6%), Winnipeg (-0.3%), Toronto (-0.2%), Montreal (-0.2%), Quebec City (-0.2%), and Edmonton (-0.1%), while they remained stable in Calgary. Furthermore, increases were observed in 14 of the 20 CMAs not included in the composite index for which data were available in September. The largest monthly increases were recorded in Saint John (+5.2% after -5.8% the previous month), Belleville (+4.5% after -2.7% the previous month), and Sherbrooke (+3.2%). Conversely, the sharpest declines were observed in Trois-Rivi\u00e8res (-4.7%), Brantford (-3.7% after +1.2% the previous month), and Abbotsford-Mission (-2.3% after +1.9% the previous month).<\/p>\n<p style=\"text-align: justify;\">Before seasonal adjustments, the Teranet-National Bank Composite House Price Index\u2122 fell 1.4% from August to September, marking the second consecutive monthly decline.<\/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 3.5% between September 2025 and September 2026, a slightly more moderate decline than the 3.6% drop observed the previous month. Declines were recorded in six of the 11 cities that make up the composite index. Toronto led the way with a 6.0% year-over-year price decline, followed by Vancouver (-5.6%), Hamilton (-3.9%), and Halifax (-3.9%). Conversely, the sharpest increases were observed in Quebec City (+7.7%), Winnipeg (+3.3%), Edmonton (+1.4%), and Montreal (+1.4%). Among the 20 other CMAs not included in the composite index, 14 posted year-over-year declines, while prices remained stable in Trois-Rivi\u00e8res. Among the declining markets, the sharpest declines were recorded in Brantford (-7.6%), Windsor (-7.4%), and Kitchener (-7.0%). Conversely, the strongest increases were observed in Sherbrooke (+11.5%), Thunder Bay (+6.4%), and Lethbridge (+6.0%).<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/housepriceindex.ca\/2026\/10\/september2026\/\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the report.<\/p>\n<p><a href=\"https:\/\/housepriceindex.ca\/2026\/10\/prices-remained-relatively-stable-in-september\/\" target=\"_blank\" rel=\"noopener\">Prices Remain Relatively Stable in September<\/a> by Daren King | Economist | National Bank of Canada<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/housepriceindex.ca\/2026\/10\/september2026\/\" target=\"_blank\" rel=\"noopener\">Teranet-National Bank House Price Index\u2122 Rose Slightly in September<\/a> by Daren King | Economist | National Bank of Canada<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Teranet-National Bank Composite Index rose 0.1% from August to September, marking the second marginal increase in three months. Overall, home prices have remained essentially stable since June after a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2026\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/\">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-28736","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 v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>National HPI Remain Relative Stable, Mortgage Rates will Limit Borrowing Capacity &amp; Weigh on Price Growth &#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\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"National HPI Remain Relative Stable, Mortgage Rates will Limit Borrowing Capacity &amp; Weigh on Price Growth &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Teranet-National Bank Composite Index rose 0.1% from August to September, marking the second marginal increase in three months. Overall, home prices have remained essentially stable since June after a &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\\\/10\\\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/10\\\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"National HPI Remain Relative Stable, Mortgage Rates will Limit Borrowing Capacity &#038; Weigh on Price Growth\",\"datePublished\":\"2026-10-28T17:10:01+00:00\",\"dateModified\":\"2026-10-28T18:29:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/10\\\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\\\/\"},\"wordCount\":508,\"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\\\/10\\\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/10\\\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/10\\\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\\\/\",\"name\":\"National HPI Remain Relative Stable, Mortgage Rates will Limit Borrowing Capacity & Weigh on Price Growth &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2026-10-28T17:10:01+00:00\",\"dateModified\":\"2026-10-28T18:29:44+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/10\\\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/10\\\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/10\\\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"National HPI Remain Relative Stable, Mortgage Rates will Limit Borrowing Capacity &#038; Weigh on Price Growth\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"National HPI Remain Relative Stable, Mortgage Rates will Limit Borrowing Capacity & Weigh on Price Growth &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2026\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/","twitter_card":"summary_large_image","twitter_title":"National HPI Remain Relative Stable, Mortgage Rates will Limit Borrowing Capacity & Weigh on Price Growth &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"The Teranet-National Bank Composite Index rose 0.1% from August to September, marking the second marginal increase in three months. Overall, home prices have remained essentially stable since June after a &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2026\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2026\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"National HPI Remain Relative Stable, Mortgage Rates will Limit Borrowing Capacity &#038; Weigh on Price Growth","datePublished":"2026-10-28T17:10:01+00:00","dateModified":"2026-10-28T18:29:44+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2026\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/"},"wordCount":508,"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\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2026\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/","url":"https:\/\/www.roryc.ca\/blog\/2026\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/","name":"National HPI Remain Relative Stable, Mortgage Rates will Limit Borrowing Capacity & Weigh on Price Growth &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2026-10-28T17:10:01+00:00","dateModified":"2026-10-28T18:29:44+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2026\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2026\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2026\/10\/national-hpi-remain-relative-stable-mortgage-rates-will-limit-borrowing-capacity-weigh-on-price-growth\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"National HPI Remain Relative Stable, Mortgage Rates will Limit Borrowing Capacity &#038; Weigh on Price Growth"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/28736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=28736"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/28736\/revisions"}],"predecessor-version":[{"id":28738,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/28736\/revisions\/28738"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=28736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=28736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=28736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}