Canada’s “Record” Housing Correction? Prices Near Highs In Most Provinces

With so much talk about a 'record' housing correction in Canada, it’s important to look a little closer at what’s really happening in our market. In July, the national average home price slipped by 0.6% to $661,800. Prices dropped in six provinces but actually rose in three Atlantic provinces. Since March 2022, we’ve seen a 21.3% decline, especially in Ontario and B.C.—yet affordability still remains a real challenge for many. Having helped clients navigate neighbourhoods like Central Lonsdale, Fraserview, North Coquitlam, and Vancouver West, I see firsthand how local trends can differ from national headlines. While headlines may focus on broad corrections, every community has its own story—and opportunities.