\u00a0<\/span><\/p>\nThe fall in home prices has been steady over the year, with the national home price slipping -0.8 per cent below last year\u2019s level and 10 per cent below the peak in February.\u00a0<\/span>\u00a0<\/span><\/p>\nOntario and British Columbia have seen the largest losses, with Cambridge, London, Brantford and Chilliwack recording the steepest HPI drops of 18 per cent or more since their peak.<\/span>\u00a0<\/span><\/p>\nCanada\u2019s more expensive markets in Toronto and Vancouver also saw price declines of 11 per cent and 5.3 per cent respectively since their peaks. But this doesn\u2019t mark a turning point just yet, as affordability issues will still place downward pressure on property values in these areas.<\/span>\u00a0<\/span><\/p>\nWhile the rest of the national market experiences low activity and further price declines, Calgary is in a world of its own. Activity in the Calgary market remains higher than pre-pandemic levels, and home prices have remained stationary since April \u2013 two trends that are expected to continue in the region as demand-supply conditions are tight.<\/span>\u00a0<\/span><\/p>\nAll signs point to an eventual inflection point \u2013 but don\u2019t expect the market to heat back up anytime soon. High interest rates will still pose a challenge for prospective buyers even as prices continue to decline into the spring.<\/span>\u00a0<\/span><\/p>\n\u00a0<\/span><\/p>\n