The national MLS Home Price Index dipped 0.6% month over month and 4.8% year over year, extending a 15‑month decline and leaving prices 20% below their early‑2022 peak.
Inventory overhang weighs on Ontario and B.C.
RBC said inventory sat at the equivalent of five months of sales – a six‑year high – keeping “downward pressure on prices in the coming months, especially in Ontario and B.C.”
Markets in those provinces “continue to stand out for the wide selection of homes available to buyers,” while offerings remained much tighter across most of the rest of the country.
Price softness has spread, RBC noted, with year‑over‑year declines in Toronto (‑7.9%), Vancouver (‑6.8%) and neighbouring regions including Mississauga, Hamilton‑Burlington, Niagara and the Fraser Valley, all down about 7%–8%.
Edmonton’s benchmark price fell 2.1% year over year, joining Victoria, the Okanagan Valley and Saint John in negative territory.