C
anadian housing prices slipped in November, the first decline since 2023, with national home values falling 1 % year‑over‑year according to Wahi and Real Property Solutions. Toronto and Vancouver continue to lag, offsetting gains in the Prairies and Quebec.

    We focused on Calgary, Victoria and Collingwood—markets that diverge from national trends. The Globe and Mail spoke with realtors and Wahi economist Ryan McLaughlin for context.

    **Collingwood, Ontario**

    Royal LePage broker Desmond von Teichman called Collingwood’s 2023 activity “weird” and “strange,” citing trade‑war uncertainty and a lack of clear direction. RPS‑Wahi data show a 5 % drop in November after a flat September, the largest swing in the report aside from Victoria. Von Teichman notes Royal LePage’s Q3 sales rose 18 % to 1,406 units, still below the 1,900‑2,000 units seen during the pandemic. McLaughlin observes that, despite volatility, the overall trend remains stagnant compared with the explosive growth from 2015‑2021.

    **Calgary, Alberta**

    Calgary’s 2 % rise is near the national average but trails other Prairie cities: Winnipeg up 10 %, Regina 7 %, Edmonton 5 % in November. Rebecca Chamberlain, co‑founder of Chamberlain Real Estate Group, attributes Calgary’s softness to a lagging condo market. After last year’s boom, many new units completed this year are now underperforming—a typical Calgary cycle of boom followed by a prolonged slump. She also points to sluggish sales in Toronto and Vancouver, which may keep buyers in those markets from relocating to Alberta.

    **Victoria, British Columbia**

    Victoria mirrored Collingwood’s volatility. RPS‑Wahi data show a 4 % rise in September, 1 % in October, and a 1 % fall in November. McLaughlin cites the Victoria Real Estate Board’s latest figures: active listings up 11 % YoY, sales down 18 %, and condos especially weak. The condo slump, previously confined to Toronto, Vancouver, and now Calgary, signals a broader regional pattern. Victoria’s 1 % decline contrasts with Vancouver’s 4 % drop, while Hamilton fell 3 % and Toronto 5 %. Victoria still outperforms Kelowna, which is down 3 %.

    In sum, November’s national dip masks divergent local dynamics: Calgary’s modest gain, Collingwood’s erratic swings, and Victoria’s condo‑driven downturn. These pockets illustrate how regional forces can diverge sharply from the broader Canadian housing narrative.