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Despite a noticeable national decline in benchmark home prices (down about 19.4 % from peak to August 2025), the drop is largely concentrated in Ontario and British Columbia. All other provinces have remained resilient, with eight of the ten Canadian provinces hitting or holding near all-time highs in housing prices during the past year — six of them doing so just in the last quarter.
In Ontario, housing peaked in February 2022 after a rapid run-up, then retraced roughly 25.6 % (a drop of ~$271,200), though prices still remain well above early 2020 levels. Meanwhile in BC, prices fell by about 12 % (≈ $128,800) from peak, a notably smaller correction compared to Ontario, pointing to greater “stickiness” in BC’s market.
Population growth slowdown is not the main factor behind the softening; instead, higher interest rates have exposed vulnerabilities in the most expensive markets. In more affordable provinces, lower price levels and continued credit stimulus have buffered those markets, delaying correction. The piece also notes dynamics such as interprovincial migration, relative affordability, and “bubble contagion” as reinforcing price strength in many regions.
Read the full article on: BETTER DWELLING
