Economic Uncertainty Erodes Canadian Home Prices

As concerns over the economy persist, Canadian home prices slouched by 3% in June, according to the latest reading of 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 June 2026.

In June, 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 3% on a year-over-year basis.

This represents a slight pullback from May’s pace of depreciation (-4%) but is generally consistent with what has been observed in the first half of the year. 

Despite a relatively friendly interest rate environment, the Canadian housing market continued to sputter throughout the spring — and into the summer. This trend deviates from previous cycles; lower rates have consistently sparked more home sales and higher prices in past years.

“With interest rates low and stable for some time now, a broader market turnaround may have been expected, but it seems that economic uncertainty is keeping more homebuyers on the sidelines,” says RPS-Wahi Economist Ryan McLaughlin.

He notes that consumer-survey responses suggest that concerns over the economy are materially affecting homebuying activity. For instance, one recent RBC poll found that three-quarters of would-be homebuyers over the next two years are acting more cautiously because of economic uncertainty.

Meanwhile, RPS-Wahi data indicates that prices are down in a dozen of the most tariff-exposed housing markets in the country, which further suggests that economic factors remain a headwind.

While prices at the national level — as well as across most regions — trend lower, there are a handful of significant exceptions among the 13 major metro areas that RPS analyzes each month in addition to the Canada-wide index reading.

For example, major Quebec markets and some secondary markets in the Prairies continue to experience significant price increases. Quebec City (+10%) has been leading all big cities for price growth since September of 2024, when it overtook the then-piping-hot Calgary market. Montreal (+7%) was second in terms of annual price growth in June, while Saskatoon and Winnipeg placed third, with 5% year-over-year gains in each. These markets all boast relative affordability but are facing supply challenges. 

Beyond the growth markets of Saskatoon and Winnipeg, the Prairies are mostly a picture of balance. Pricing momentum is running sideways in Calgary (-1%), Edmonton (1%), and Regina (0%) — all of which had seen annual price percentage increases in the double digits as recently as 2025.

Markets in B.C. and Ontario account for the sharpest declines and continue to weigh on the national index. The Greater Toronto Area’s condo correction is of a magnitude larger than Vancouver’s. This at least partly explains why prices are falling more rapidly in metro Toronto (-9%) than in metro Vancouver (-5%) on a year-over-year basis.

While sales increased in the GTA and Greater Vancouver last month, activity remains well below the long-run norm. A more prolonged period of elevated activity would be required to reverse pricing trends in these markets.

Although Toronto’s condo correction represents the most severe downturn of any segment in any major city, multi-family housing is showing signs of weakness more broadly. This is true even in more balanced markets, such as Calgary. Consequently, condos (-7%) and row/townhouses (-8%) are the fastest-depreciating housing types. However, prices for detached (-3%) and semi-detached (-4%) homes are still down meaningfully from the previous year. 

About the RPS-Wahi House Price Index (HPI)

The RPS-Wahi House 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.