Canadian Housing Market Holds Steady this Summer with Notable Exceptions

At the national level the RPS-Wahi House Price Index showed little change in August, but there were stark regional differences across Canada’s major markets.

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 home price index for August 2025.

The Canadian housing market entered a holding pattern this August as the RPS-Wahi House Price Index was once again flat relative to the same month a year ago.

“The Canadian housing market in August was almost a mirror image of July in terms of pricing trends, although the pace of condo depreciation on an annual basis did slow slightly,” says RPS-Wahi Economist Ryan McLaughlin. “That said, condo inventory levels remain high in Toronto and Vancouver, and we would expect that needs to change before any meaningful turnaround in pricing trends.”

Broken down by property type at the national level, detached home prices were up 1% year-over-year, while row/townhouse prices were flat. Semi-detached home prices registered a 1% decline, and condo prices dropped 6% compared to the previous August. These changes match what was observed in July, with the exception of the condo segment, which had posted a 7% year-over-year drop.

“It’s possible that in addition to the usual summer slowdown, the Bank of Canada’s upcoming rate announcement kept some would-be homebuyers on the sidelines,”  McLaughlin continues. “The central bank is widely expected to cut the overnight rate, which may not substantially improve affordability but could boost market sentiment.”

Markets in the Prairies Sustain Strength  

In August, Quebec City continued to lead the 13 major metro areas that were analyzed in addition to the national RPS-Wahi House Price Index.

Prices were up 12% on a year-over-year basis in Quebec City. Local Realtors warn of “severe market overheating” and point to an intensifying undersupply issue in the area, where local seller’s market conditions are the strongest on record.

In addition to Quebec City, Winnipeg and Regina have shown sustained strength. Since January, Winnipeg has posted double-digit annual price gains, a trend that continued in August with values rising 10%. Meanwhile, rounding out the top three in terms of growth, prices in Regina climbed 8% year-over-year.

Population growth has been a shot in the arm for housing demand for both Winnipeg and Regina, contributing to ongoing supply challenges. In fact, in recent years, Winnipeg’s rate of population growth has more than doubled, while gains in Regina — where the benchmark price is lower and may have more upside potential — have persistently exceeded the national average.

The weakest links for annual price changes continue to be Hamilton, Toronto, and Vancouver. These are the only markets out of the 13 major census metro areas that were analyzed where values declined, in each case by 4% year-over-year. The condo segments in Toronto and Vancouver have been strong headwinds for overall price performance in these markets, while Hamilton, a major steel producer and exporter, is particularly vulnerable to tariffs.

​​As price trends in the Canadian housing market evolve, the RPS-Wahi House Price Index will continue to be a leading indicator. Recent appraisals are one of the data sources for the index, which also uses land registry and other sales data, making it the most timely indicator of prices.

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.