The Teranet-National Bank National Composite House Price Index says home prices fell 0.4 per cent in September from the previous month.
The drop was spread across six of the 11 Canadian cities in the study, with Victoria facing the steepest decline of 1.3 per cent.
Prices fell in Vancouver, down 1.2 per cent, and Montreal, down 0.6 per cent.
On the upside was Toronto, rising 0.1 per cent, and Calgary, up 0.5 per cent.
A report from National Bank senior economist Marc Pinsonneault says if total national sales continue to decline, it is likely that resale prices could fall about five per cent.
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