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October 21, 2025TERANET-NATIONAL BANK HOUSE PRICE INDEX, SEPTEMBER 2025 Monthly (September 2025 vs August 2025, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), rose 1.08% from August to September.
The composite 11-city index of resale house prices increased by 0.23%. There were gains in 5 cities, led by Montréal. Winnipeg and Calgary reported the steepest declines.
Year-over-year (September 2025 vs September 2024)
Halifax resale home prices were up 3.4% year-over-year. Prices for the 11-city composite index were down 2.7% despite gains in seven of 11 urban centers. This was the fifth consecutive month of year-over-year declines at the national level. Prior to May 2025, the 11-city composite index hadn't reported a decline since July of 2023. Québec City reported the fastest pace of growth over September 2024 while the fastest decline was in Toronto.
Year-to-date (January-September 2025 vs January-September 2024)
Halifax home prices were up 5.0% in the first nine months of 2025 when compared with the same period in 2024. The 11-city index in resale home prices was down 0.3% in the first nine months of 2024. Every city in the index except Toronto, Hamilton and Vancouver reported gains in home prices, with Québec City reporting the largest increase.
Trends
After recording year-over-year house price declines for most of the first half of 2023, Halifax resale home prices returned to positive year-over-year growth throughout 2024 and 2025. In September 2025, the national index saw a fifth consecutive year-over-year decline. Year-over-year house price growth in Halifax has outpaced national gains in all but two months since returning to positive growth in 2023.
Montréal and Québec City set new highs for resale house prices in September.
Source: Teranet-National Bank
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