For most of 2025 and into 2026, the story for existing owners was a slow erosion of paper equity. That story just changed shape. In its June 2026 release published on July 15, the Canadian Real Estate Association reported that the National Composite MLS Home Price Index (HPI) held steady from May to June — the first month in which the benchmark did not fall since January 2025.
For homeowners, this is the number that matters more than the sales count. Sales tell you how busy the market is; the benchmark price tells you what a typical home is estimated to be worth. A flat HPI, paired with tightening listings, is the first hard national signal that the equity slide many owners felt after 2022 may have bottomed. That is meaningful if you have been weighing a re-appraisal for a home-equity line, a move that ports your mortgage, or the timing of a fall listing.
One caveat has to travel with that signal the whole way, though: "no longer falling" is not the same as "rising." The benchmark was still down 3.6% from a year earlier. This piece walks through exactly what CREA reported, why the benchmark deserves more of your attention than the average price, and why a national floor does not mean every local market has found one. It is an interpretation of the data, not personal financial advice.
