6 of 13 Major Canadian Housing Markets See Prices Drop in March

Nearly half of Canada’s major housing markets are seeing downward price adjustments, though the country’s housing market is largely performing a rebalancing act.

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 March 2026.

In March, 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 is a slightly larger annual decline than what was observed in the first two months of the year, when the index was falling at a rate of 2% annually. The deeper drop at the national level is at least partly a function of more widespread regional price reductions. 

Every month, in addition to the national RPS-Wahi House Price Index, 13 major metro areas are analyzed, and, notably, a sixth major market entered negative territory in March. Last month, Halifax saw values tumble by 2% year over year, trailing Ottawa, which in February had become the fifth major urban centre to post a decline.

“The Canadian housing market is performing a rebalancing act,” says RPS-Wahi Economist Ryan McLaughlin. “Like other previously hot housing markets currently experiencing slowdowns, Halifax appears to be returning to more balanced conditions rather than beginning a pronounced downturn,” he continues.

Over the past several months, high-flying markets such as Edmonton, Calgary, Saskatoon, and Regina have all seen previously strong price gains clipped, returning to more balanced conditions. For instance, while active listings have been increasing in Calgary — which was Canada’s hottest housing market as recently as 2024 — the number of properties for sale remains below year-ago levels. “Significant exceptions to the balancing trend in places like the Prairies are markets in B.C.’s Lower Mainland and the Greater Toronto and Hamilton Area,” notes McLaughlin.

During the Canadian housing market’s recalibration, the gap between Montreal and Quebec City and everywhere else has only widened, as urban markets in B.C. and Ontario — which are more heavily exposed to condo investment — have yet to rebound.    

Multi-Family Housing Weakness Spreads  

Price declines are not just intensifying regionally over the past several months — they have also become further entrenched by housing type. 

Last fall, condo values were depreciating far more rapidly than any other housing type. Now, they have been roughly matched by townhouse declines, while year-over-year price reductions for semi-detached properties have also accelerated.

Although detached home values slid further on an annual basis in March, they continue to hold up better than all other housing types.

“Looking ahead, macroeconomic uncertainty and rapidly evolving geopolitical strife make it difficult to confidently predict where the market is heading, but the RPS-Wahi House Price Index will continue to be a leading indicator,” McLaughlin concludes.

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.