Canadian Home Prices Rise 3% in March

The RPS-Wahi House Price Index climbed year-over-year by 3% in March, although the national increase was limited by flattening prices in Toronto and Vancouver.

By Josh Sherman | 4 minute read

Apr 14

RPS-Wahi House Price Index Shows Canadian Home Prices Up 3%

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, the foremost Canadian provider of property valuation services, today released their monthly home price index for March.

At the national level, the RPS-Wahi House Price Index increased by 3% on a year-over-year basis, according to Wahi, RPS’s official partner in presenting the index. That represents a small retreat compared to February, when the index was up 4% annually.

While the pace of annual growth in Canadian home prices slowed slightly in March, performance varied considerably by housing type and local market.

The March gains were supported by growth in single-family home values, particularly detached homes, which increased 5% in March relative to the same time last year. Semi-detached and row/townhouses increased by 2% and 3%, respectively, whereas condos/apartments dropped by 5%.

“Homebuyers have demonstrated a strong preference for single-family homes, as the results of Wahi’s 2024 Great Canadian Dream Home and 2025 What Homeseekers Want Surveys confirm,” says RPS-Wahi President and CEO Benjy Katchen. “General buyer preferences, coupled with a limited supply, support greater resiliency in single-family home prices,” he adds.

Home prices are evolving in Canada against a backdrop of international trade conflicts that have fueled domestic uncertainty. This uncertainty has likely rattled would-be homebuyers and acted as a counterforce to lower interest rates, which would normally boost housing demand and, consequently, home prices. Worries about job security and the economy at large are among the factors eroding consumer sentiment, with more than two-thirds of Canadians agreeing it’s a bad time to make a big-ticket purchase.

Many questions persist about the potential effects of tariffs on the Canadian housing market, but the RPS-Wahi House Price Index will be a leading indicator of new price trends as they emerge. 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.

Home Prices Flattened in Canada’s Most Expensive Cities

In addition to the national RPS-Wahi House Price Index, which is based on an up-to-six-month rolling average of recently actual home values in 1,000 cities and towns across Canada, the indices for 13 major metro areas were analyzed. Prices were up in 11 out of 13 metro areas this March compared to the previous year.

Strong gains in certain markets in Quebec and the Prairies were offset by cooler conditions in Toronto and Vancouver.

Quebec City was the only metro area to post a double-digit annual increase (16%). Market conditions in Quebec City have been driven by low supply levels and relative affordability compared to several other metro areas. Montreal and Saskatoon followed at 9% each.

Vancouver alone saw the local index decline by 1% year-over-year. Prices in Toronto were flat compared to 12 months prior.

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.