07:36 AM EDT, 07/16/2025 (MT Newswires) -- Canadian home prices continue to fall at the national level, with declines in Ontario, British Columbia and Calgary outweighing more firmness elsewhere, said Bank of Montreal (BMO).

Home price corrections aren't uncommon, and this one is tracking about as the bank had expected, given how valuations were stretched at the outset.

Canada is now into year four of the correction, with prices down almost 18% -- national benchmark, which does mask regional variation, noted BMO. That is tracking two of the tougher modern-era corrections in Canadian real estate: Vancouver in the mid-1990s and the prolonged bear market across Southern Ontario through the 1990s.

The latter took about seven years to bottom and about 12 years to see nominal prices get back to peak levels, recalled the bank. This isn't the 1990s to be sure, but it's also "no gully."