Prices Are Now Slipping in Most Major Canadian Housing Markets

Nearly half of Canada’s major housing markets are seeing downward price adjustments, though the country’s housing market is largely performing a rebalancing act.

By Josh Sherman | 4 minute read

The RPS-Wahi House Price Index, created by Real Property Solutions and presented by Wahi, is a trusted indicator of Canadian home price trends.

Wahi, a leading Canadian real estate platform, and Real Property Solutions (RPS), the foremost Canadian provider of property valuation services, today released their monthly house price index for April 2026.

In April, the national RPS-Wahi House Price Index — which is based on the latest monthly actual home values in 1,000 towns and cities across the country — declined by 4% on a year-over-year basis.

This is the sharpest year-over-year drop recorded by the index in any month since July of 2023 and a slightly larger decrease compared to March. However, the national headline figure somewhat obscures stable or better performances in select major markets.

Overall, the rate of annual declines has been increasing in recent months even as the spring market is well underway. Major markets such as Calgary and Halifax, which had previously been contributing to national price growth, are now registering annual declines.

Also for the first time since July of 2023, a majority of the 13 metro areas analyzed in addition to the national RPS-Wahi House Price Index landed in negative territory. “More markets across Canada are displaying buyer-friendly signs, though affordability remains a concern nearly across the board,” says RPS-Wahi Economist Ryan McLaughlin.

Calgary is the seventh and most recent major market to dip into the red this cycle in terms of price movement.

These declines are a reflection of more balanced conditions taking root following a period of strong growth rather than a correction. “Calgary began last year with a boom as prices were soaring by upwards of 10%,” says RPS-Wahi Economist Ryan McLaughlin. “In this context, the latest price declines in the market are negligible,” he continues.

Of course, Calgary is not the only formerly hot market to be saddled with softer dynamics. In Halifax — which experienced some of the most dramatic price appreciation during the pandemic — prices continue to slip annually.

It is possible that the reduction in international students has created a headwind in the Maritimes more broadly by reducing investment activity in housing. “This could help some local homebuyers finally gain a foothold in Halifax, where out-of-province demand had previously created some challenges,” adds McLaughlin.

Is a Single-Family Slump Emerging?
  

As price declines have spread to more regions this year, they have also become more substantial for a wider array of housing types. 

While single-family home prices have consistently outperformed those of multi-family prices for the duration of the current downturn, the gap between the two segments is narrowing.

For example, just 12 months ago detached home prices were up 5% on a year-over-year basis, while condo prices were already down 6% annually.

Flash forward to April, and detached homes registered a 4% decline while the pace of condo depreciation was roughly the same as it had been a year ago.

About the RPS-Wahi House Price Index (HPI)

The RPS-Wahi Home Price Index is the most comprehensive source for house price data in Canada and includes the median house price dollar values and extensive additional data by property type from a national to the local level. For more information, the complete methodology is available.

Long-Term Price Trends

The RPS-Wahi House Price Index is based on the latest monthly actual home values in 1,000 towns and cities across the country.

The index shows how property values have changed over time, relative to a base period (Jan. 2005 = 100). An HPI value of 300 means property values have tripled (on a smoothed, adjusted basis) since 2005.

The HPI does not indicate the actual price of a property. It demonstrates how prices have moved relative to the base period. 

Market Momentum

A rising index indicates an upward price trend. A falling index suggests price softening or correction. Since the HPI smooths noise and filters out outliers, it gives a more stable, reliable picture of pricing trends than monthly medians.

The HPI is based on an up-to-six-month rolling average, so it does not reflect short-term volatility, such as one-off surges in prices from luxury sales. All figures are rounded to the nearest whole number.