Canadian Home Prices Just Made The Sharpest Monthly Drop This Year

Canada’s real estate markets gave back some of the progress made earlier this year. Canadian Real Estate Association (CREA) data shows fewer home sales in July. Reduced activity combined with already lofty inventory levels to produce the sharpest monthly price drop year-to-date. Canadian Home Prices Make Sharpest Monthly Drop Since December Canadian residential real estate: The price of a typical home. Source: CREA; Better Dwelling. The price of a typical home slipped 0.6% (-$3.8k) to $661,800 in July, the sharpest monthly drop since December. It’s down 3.3% (-$22.5k) from last year and 21.3% (-$179.3k) below the March 2022 record high. Last month was only the second negative move in 2026 year-to-date, but it was enough to send prices back to February 2026 levels. That’s also roughly the same as it was back in February 2021. Canadian Home Sales Pull Back, But Stronger Than Initial Correction Canadian residential real estate: Existing home sales. Source: CREA; Better Dwelling. Home sales weakened further last month, falling 5.2% from last year to 43,580 units in July. Last month was weaker than July 2025, but still higher than the same period from 2022 to 2024. In other words, there...