The latest report on Canadian
house prices by Teranet is out
and though the focus is on the 11 largest CMAs, there is also data on smaller
centres. On an annual basis (December
2024 to December 2025), home prices in Canada using the Teranet composite Index
declined by 3.5 percent. Cities in the GTA and southern Ontario in general saw
some large annual declines but some other cities, including Thunder Bay and Sudbury
climbed substantially. As the report
notes:
“The Teranet-National Bank
Composite Home Price Index™ fell by 3.5% between December 2024 and December 2025, a
steeper decline than the 2.8% drop seen the previous month. However, increases
were recorded in seven of the 11 cities that make up the composite index in
December. Quebec City led the way with a 12.6% year-over-year price increase,
followed by Edmonton (+5.1%) and Winnipeg (+5.0%). Conversely, the largest
declines were observed in Toronto (-7.8%), Hamilton (-7.8%), and Vancouver
(-5.9%). Of the 18 other CMAs not included in the composite index, 12 posted
annual declines. Among the declining markets, the sharpest decreases were recorded
in Oshawa (-8.2%), Guelph (-8.2%) and Kitchener (-8.0%). Conversely, the
largest increases were observed in Lethbridge (+10.1%), Thunder Bay (+9.0%) and
Sudbury (+8.8%).”
The accompanying
figure plots the ranked year over year price increases (December 2024 to December 2025) for the cities in the
Teranet data. Topping the rankings are Quebec
City and Lethbridge with year over year house price increases of 12.6 and 10.1
percent. Thunder Bay and Sudbury are at
the top of these rankings also in 3rd and 4th place respectively
with increases of 9.0 and 8.8 percent. Of
the ten largest decreases, eight out of the ten largest decreases were cities
in Ontario with the other two being in British Columbia.
Overall, the
Thunder Bay market is apparently still quite robust. According to the Thunder Bay Real Estate Board, sales
of single detached homes in Thunder Bay in December totaled 61 units and overall
there were 1,023 home sales in 2025 for an increase of 9.1 percent over 2024. The
year-to-date median price for a home in Thunder Bay according to the TBREB was $395,000. As for Sudbury, the Sudbury Real Estate Board saw
110 homes sales in December 2025 and year over year saw sales of 2,618 units
for a gain of 2.7 percent from 2024. The
average price of a home in Sudbury in 2025 was $505,884 and represented an increase
of 5.8 percent from 2024.
If anything, these
numbers may give an indication of what cities have been hit the hardest hit by
the current economic uncertainty and change.
There are 29 cities ranked in the accompanying figure and of those 13
saw an increase in house prices and the remainder a decrease. Of the 16 Canadian
cities in this ranking that saw a year over year decline, four of them were in
British Columbia and all the rest were in Ontario.
