CREA reports that the National Composite MLS® Home Price Index fell 0.4% from August to September 2026 and was 3.4% below September 2025. The national average sale price was $666,538, down 1.6% year over year.
A falling national benchmark is meaningful, but it is not a price tag for your street. Canada’s housing market is a collection of local markets, and composition can move the average when more expensive or less expensive homes sell.
Year-over-year change in the non-seasonally adjusted national MLS® HPI.
Three different housing numbers
| Measure | September 2026 | What it tells you |
|---|---|---|
| Composite HPI, monthly | −0.4% | Benchmark movement from August |
| Composite HPI, yearly | −3.4% | Benchmark movement from September 2025 |
| National average price | $666,538, −1.6% | Average of homes sold; sensitive to sales mix |
If you are buying
A softer market can improve negotiating room, but affordability depends on the payment, property tax, insurance, repairs and closing costs—not only the sale price. A $20,000 lower price can be overwhelmed by a higher mortgage rate or a property that needs immediate work.
If you are selling
Do not anchor to a national headline. Ask for recent comparable sales with similar property type, size and condition. The first list price is marketing; completed local sales are evidence.
If you are renewing
Your home’s paper value matters less to the monthly budget than the outstanding balance and new rate. Use the calculator below to compare the payment at several rates before negotiating.
Falling prices are good news only when the total ownership cost becomes manageable. A smaller mortgage paired with expensive borrowing can still strain the same household.
Official sources
Run the numbers
Estimate a monthly mortgage payment and total interest.
This page was reviewed and approved for publication by Matelacom Inc. Confirmed figures link to primary sources; analysis and estimates are labelled. Corrections: info@matelacom.ca.
This article is for general educational purposes only and is not personalized financial, tax, legal, employment or real-estate advice. Figures can change after publication; confirm decisions with the linked official source and a qualified professional where appropriate.