Canadian Home Prices Are Now Falling for All Property Types

In December, detached homes joined other Canadian property types undergoing year-over-year price declines, according to the RPS-Wahi House Price Index.

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 December 2025.

In December, 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 — continued to slide annually, with weaker conditions taking root in more urban centres.

The index last month declined 1% compared to December 2024, matching a year-over-year decline in November, which was the first annual dip since mid-2023. 

“The Canadian housing market ended the year with prices trending in the opposite direction from the beginning of the year,” says RPS-Wahi Economist Ryan McLaughlin. “However, headline national numbers do mask some stark regional differences and underlying signs of stability in several major markets,” he continues, adding that a recent Wahi survey found Canadian homebuying intentions were holding steady for 2026.

Also for the first time since mid-2023, home prices were down on an annual basis for detached, semi-detached, and row and townhouses as well as condo apartments. Previously, detached home prices were flat at the national level, but in December they slipped into negative territory, down 1% from a year ago.

Declines in the condo segment continued to exceed other property types, with prices down 5%. Both semi-detached and row/townhouse prices remained 3% lower than they were at the same time in 2024.

The condo submarkets in Toronto and Vancouver, in particular, have struggled throughout the year and are primary contributors to the national index’s decline in values for this housing type.

“Although the pace of annual declines has not noticeably worsened in recent months, inventory remains high and sales are lagging in both metro areas,” says McLaughlin. “These dynamics continue to create downward pressure on pricing and new unit construction.”

Toronto and Vancouver have an outsized influence on the national statistics, but they aren’t the only places where condo values are taking a hit. For example, Hamilton, which had been a beneficiary of Toronto’s previous high-rise boom, is also experiencing a condo correction (-6% y/y) as is Calgary (-9% y/y).

Despite Declines, Most Major Canadian Housing Markets Show Signs of Stability  

As in November, prices were down on a year-over-year basis in four of the 13 major metro areas that were analyzed in addition to the national RPS-Wahi House Price Index: Toronto, Hamilton, Vancouver, and Victoria.

However, the pace of depreciation is generally not accelerating significantly, with the exception of Victoria. Even here, though, indicators point to more or less stable conditions.

The Victoria Real Estate Board reports that annual home sales inched up approximately 0.4% in 2025, and the sales-to-active listings ratio has consistently fallen within the 17-28% range, which the board says puts the market in “balanced” territory.

At the beginning of 2025, both Calgary and Edmonton were seeing double-digit year-over-year growth. Since then, growth has held firm at about 2% in Calgary and 4% in Edmonton. 

Similarly, prices have been fairly stable in Halifax, Ottawa-Gatineau, and Saskatoon.

Even the markets that have been in decline did not see downturns intensify towards the final months 2025.

Meanwhile, Quebec City, Montreal, Regina, and Winnipeg have powered through a year of economic uncertainty, posting exuberant gains.

Economists tell Wahi that relative affordability, sticky employment rates, and demographics are supporting home prices in some of Canada’s hottest housing markets. 

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.