Chart of the Week: The relativity of real estate prices

This week’s chart shows how real estate price change has been playing out in Canada’s 10 largest urban areas representing almost 60% of Canada’s population.

Canada’s largest metropolis—Greater Toronto—has seen the largest absolute drop in price from the peak. The benchmark price in Toronto reached an all-time high of $1,264,100 in the first quarter of 2022 compared to $943,800 today for an eye-popping drop of $320,300. In percentage terms, however, it’s Kitchener-Waterloo that has fallen the most from its price peak, down 30% versus a 25% decline in Toronto.

Benchmark prices peaked later in Calgary (Q3 2024) and Edmonton (Q2 2025) than in Vancouver, Toronto, Ottawa, Kitchener, and Hamilton. The decline from the peak has also been much smaller at just 2%.

Highlighting the differences that tend to characterize conditions across markets in Canada is the fact that three out of the 10 largest cities just posted record high benchmark prices. In Montreal, Quebec City, and Winnipeg, prices peaked in Q2 2026 and may even rise higher in the months ahead. As always with real estate, it’s a case of location, location, location.

*Prices are measured using the Canadian Real Estate Association’s Housing Price Index.