Home prices are still falling across several Ontario housing markets, and some cities are now seeing among the biggest year-over-year price declines in Canada.
New data from the Teranet-National Bank House Price Index shows home prices fell from a year earlier in several major Ontario markets in August 2026, with declines approaching 9% in some cities.
St. Catharines recorded the largest decline among the Ontario markets highlighted in the latest report, followed by Barrie, Guelph, Hamilton and Toronto.
The national housing market has also continued to lose momentum, with the Teranet-National Bank Composite House Price Index falling for the eighth time in nine months. (House Price Index)
St. Catharines Home Prices Are Down 8.9%
St. Catharines-Niagara recorded one of the largest annual home price declines tracked by the index.
Home prices were down 8.9% in August compared with August 2025.
That was the largest year-over-year decline among the 20 additional metropolitan areas covered by the report. (House Price Index)
St. Catharines also experienced a significant decline from July to August, with seasonally adjusted prices falling 3.3% in a single month.
Barrie Home Prices Are Down 7.7%
Barrie was not far behind.
Home prices in the Barrie area were down 7.7% year over year in August, making it another one of the weakest housing markets tracked in the latest report. (House Price Index)
Barrie has been experiencing significant annual price declines for several months.
In June, for example, the index showed Barrie prices were down 9% compared with the previous year. (House Price Index)
Guelph Home Prices Are Down 7.3%
Guelph also posted a major decline.
Home prices in the city were 7.3% lower in August compared with the same month last year. (House Price Index)
That puts Guelph among the three largest year-over-year declines recorded outside the 11 cities included in the national composite index.
Hamilton Home Prices Are Down 6.2%
Hamilton continues to see falling home prices as well.
The index shows Hamilton prices were down 6.2% year over year in August. (House Price Index)
Hamilton had the second-largest annual decline among the 11 major metropolitan areas included in the national composite, behind Vancouver at 6.5%.
Prices in Hamilton also fell another 0.3% from July to August on a seasonally adjusted basis.
Toronto Home Prices Are Down 6.1%
Toronto wasn’t far behind Hamilton.
Home prices in the Toronto area were down 6.1% compared with August 2025. (House Price Index)
Interestingly, Toronto did see a small month-over-month improvement.
Seasonally adjusted prices increased 0.4% between July and August, despite remaining substantially below where they were a year earlier.
Several Ontario Markets Are Seeing Some Of Canada’s Largest Declines
The latest numbers show just how concentrated Canada’s housing correction has become in parts of Ontario.
Year over year in August:
- St. Catharines-Niagara: -8.9%
- Barrie: -7.7%
- Guelph: -7.3%
- Hamilton: -6.2%
- Toronto: -6.1%
By comparison, the Teranet-National Bank Composite House Price Index was down 3.6% from August 2025. (House Price Index)
That means each of these five Ontario markets experienced a larger annual decline than the national composite.
Canadian Home Prices Have Fallen To Their Lowest Level Since 2023
The weakness isn’t limited to Ontario.
The national composite index fell another 0.2% between July and August after seasonal adjustments, marking its eighth monthly decline in nine months.
National Bank says the index is now 4.2% below its most recent peak in November 2025 and has fallen to its lowest level since April 2023. (House Price Index)
The report also noted that home sales began declining again in August after improving through parts of the spring and summer.
Higher bond yields could create another challenge for buyers. National Bank said rising Canadian bond yields could put upward pressure on mortgage financing costs in the coming weeks, potentially limiting borrowing power. (House Price Index)
For Ontario, the latest numbers show that several markets remain firmly below where prices were just one year ago, with some of the province’s largest cities now recording declines of more than 6%.
References
Teranet-National Bank House Price Index, August 2026
https://housepriceindex.ca/2026/09/august2026/
National Bank of Canada, Prices Began To Fall Again In August
https://housepriceindex.ca/2026/09/prices-began-to-fall-again-in-august/
Canada Housing Market 
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