Overview

• National sales fell 1.7% from August, the first monthly dip since April, yet were up 5.2% year over year and the strongest September since 2021, according to CREA.
• Prices were broadly steady, with the benchmark home price down 0.1% month over month, unadjusted HPI down 3.4% year over year, and the national average sale price at $676,154.
• Regionally, declines in Greater Vancouver, Calgary, Edmonton, Ottawa and Montreal outweighed gains in the Greater Toronto Area and Winnipeg.
• CREA’s updated outlook projects 2025 sales down 1.1% to about 473,093 and the average price down 1.4% to roughly $676,700, followed by a 2026 rebound with sales up 7.7% and prices up 3.2%.
• CMHC reported housing starts up 14% in September to a 279,234 SAAR, with Toronto and Montreal contributing heavily through new rental apartment projects, while Royal LePage lowered its year-end price call and described a shift toward balance with big markets still below 2022 peaks and smaller cities posting gains.