Canada’s national housing market may look like it has gone through a major correction, but new data suggests that most provinces have barely seen prices pull back from record highs.
According to Canadian Real Estate Association (CREA) data highlighted by Better Dwelling, home prices rose in nearly every province in April 2026. While the national Home Price Index remains well below its 2022 peak, most of that decline is being driven by just two provinces: Ontario and British Columbia.
Home Prices Rose in Almost Every Province
In April 2026, the national composite home price climbed 0.3% month-over-month to approximately $666,400.
Only one province saw prices fall during the month.
Monthly home price changes included:
- Newfoundland and Labrador: +1.6%
- Alberta: +0.9%
- Nova Scotia: +0.8%
- Prince Edward Island: +0.5%
- Ontario: +0.4%
- Quebec: +0.3%
- British Columbia: +0.1%
- Saskatchewan: +0.1%
- New Brunswick: -1.5%
This means eight out of nine provincial home price indexes moved higher in April.
The National Market Is Still Down From Its Peak
Nationally, the price of a typical Canadian home remains down significantly from the market peak.
CREA data shows the national benchmark price is approximately 20.8% below its March 2022 record high, representing a decline of about $174,900.
On the surface, that looks like a major national correction.
But the provincial data shows the decline is not evenly spread across the country.
Most Provinces Are Near Record Highs
According to the report, four provinces are currently sitting at record highs:
- Newfoundland and Labrador
- Nova Scotia
- Quebec
- Saskatchewan
Prince Edward Island is also nearly at a record high, sitting just 0.1% below its peak.
Alberta and New Brunswick are also only slightly below record levels:
- Alberta: 2.6% below peak
- New Brunswick: 3.5% below peak
That means seven out of nine provinces are either at record highs or within a few percentage points of them.
Ontario and BC Are Driving the National Correction
The national correction is being driven almost entirely by Ontario and British Columbia.
According to the data:
- British Columbia home prices are 14.9% below their 2022 peak
- Ontario home prices are 25.3% below their 2022 peak
Because Ontario and B.C. are two of Canada’s largest and most expensive housing markets, their declines have a major impact on the national average.
This helps explain why national housing data can look weak even while many provincial markets remain near record highs.
Canada’s Housing Market Is Not Moving as One Market
The latest data reinforces one of the biggest themes in Canadian real estate right now.
Canada is not one housing market.
Some provinces are still seeing firm or rising prices, while Ontario and British Columbia continue to reflect much larger corrections from peak levels.
This means national headlines can be misleading if they do not break down what is happening regionally.
What This Means for Buyers
For buyers, the data shows that affordability has not improved equally across the country.
In Ontario and B.C., prices have corrected more meaningfully from peak levels, though affordability remains challenging due to high prices and mortgage costs.
In many other provinces, prices are still near record highs, meaning buyers may not feel much relief despite national talk of a correction.
What This Means for Sellers
For sellers, the outlook depends heavily on location.
In provinces near record highs, sellers may still be dealing with relatively firm market conditions.
In Ontario and B.C., pricing strategy remains more important, especially in markets where buyers have more choice and prices remain well below 2022 peaks.
What This Signals for Canada’s Housing Market
The latest provincial data shows that Canada’s housing correction is highly concentrated.
While national prices are still down sharply from their peak, most provinces have not experienced a major correction.
Instead, the national decline is being pulled down mostly by Ontario and British Columbia.
This suggests the Canadian housing market remains deeply regional, with affordability, supply, population trends, and buyer demand playing out very differently across the country.
What This Signals for Ontario
Ontario remains the province with the largest correction from peak levels, with typical home prices still down 25.3% from the March 2022 high.
That makes Ontario one of the clearest examples of the national housing reset.
However, April’s monthly gain suggests prices may be stabilizing, even if they remain far below peak levels.
For buyers, Ontario may offer more negotiation room than many other provinces. For sellers, the market is still far from the pandemic-era peak.
References
Better Dwelling. (2026, May 22). Canadian home prices near record highs in all but 2 provinces.
https://betterdwelling.com/canadian-home-prices-near-record-highs-in-all-but-2-provinces/
Canadian Real Estate Association. (2026). National price map and MLS Home Price Index.
https://www.crea.ca/housing-market-stats/mls-home-price-index/hpi-tool/
CREA Stats. (2026). Canadian housing market statistics.
https://stats.crea.ca/
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