The Toronto and Vancouver markets have both declined significantly amongst major global cities, Knight Frank analysis shows.
In Toronto prices have dropped by 6.9%, while fellow Canadian city Vancouver has experienced a 6.5% drop.
Their declines are likely to do high borrowing costs, too much stock, and economic uncertainty, as Canada has been forced to contend with tariff threats from its long-term ally the United States since Donald Trump was re-elected as President in January 2025.
At the other end of the spectrum Tokyo in Japan has the fastest annual growth, at an eye-watering 55.9%. Coming in second place is Seoul in South Korea, at 25.2%.
Knight Frank said Tokyo’s increase is likely as a result of overly expensive new build homes, limited supply and a weak yen.
Liam Bailey, Knight Frank’s global head of research, said: “Prime house price growth has cooled to its slowest pace in two years, as a slowing pace of global rate cuts keeps a lid on performance across global cities.
“But with rates set to fall further in 2026, the groundwork for a rebound is building.”