Canadian Home Prices Flatten in July as Single-Family Homes Join Market Slowdown

The RPS-Wahi House Price Index was flat on a year-over-year basis in July, with softer conditions emerging in the single-family home segment.

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.

According to the latest reading of the RPS-Wahi House Price Index, Canadian home prices were flat on a year-over-year basis in July as the condo slump in Toronto and Vancouver intensified and further signs of cooling in the single-family segment appeared.

“Since the Canadian housing market began falling from its peak in 2022, prices for single-family homes have generally held up better than for condos,” says RPS-Wahi Economist Ryan McLaughlin. “While this is still the case by a large margin, we are now seeing single-family home prices flattening on an annual basis,” he adds.

At the national level in July, prices for both detached and row-townhouses were up just 1% on a year-over-year basis, while semi-detached prices declined 1%. Condo prices remained down 7% overall, once again matching a 20-year low in terms of annual depreciation in a given month.

Two Canadian Housing Markets Stand Head and Shoulders Above the Rest 

Although the pace of home price growth is moderating, prices remained elevated on a year-over-year basis in 10 of the 13 of the major metro areas that were analyzed in addition to the national RPS-Wahi House Price Index.

Despite a deceleration in the pace of growth, Quebec City continued to lead major markets for price appreciation. Home prices in Quebec City surged 13% annually.

Local REALTORS® report that a dearth of entry-level houses and condos are primarily responsible for gains in Quebec City, where homes are now routinely selling for 5% or more above the asking price.

Meanwhile, Winnipeg trailed Quebec City at 9%. Demographic shifts could be contributing to the frothiness as the city’s relative housing affordability attracts homebuyers from elsewhere, straining supply. For the first quarter in more than 20 years, Manitoba experienced a net gain of interprovincial migrants. More Canadians moved to Manitoba than left the province for elsewhere in the country in Q1 of 2025, according to Statistics Canada.

Hamilton, Toronto, and Vancouver remained the only markets where prices declined annually last month. Prices dropped 5% in both Hamilton and Vancouver, while in Toronto they sank 4% compared to year-ago levels.

Hamilton, a significant producer and exporter of steel, has an economy that is particularly sensitive to tariffs. Toronto and Vancouver, which boast diversified economies, are less exposed. In these markets, however, a sky-high supply of condos exerts downward pressure on prices.

In fact, prices for condos in Toronto and Vancouver posted the largest year-over-year declines in at least two years. Toronto saw condo prices decrease by 10% annually, just edging out Vancouver’s 9% year-over-year decline.

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.