Single-Family Home Prices Soften Amid Canada’s Fall Housing Market

This October was the first month in more than two years to see home prices down or flat for all types of properties tracked by 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 October 2025.

This October, 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 — was once again flat compared to the same time last year. However, as the national home price trend held steady, the single-family segment softened.

In fact, last month was the first in more than two years during which home prices were flat or down on a year-over-year basis for all property types. Row/townhouse prices slipped into negative territory and detached homes — which had continued to appreciate on an annual basis as of September — flattened. August 2023 was the last time that all four of the property types analyzed were either down or unchanged annually. 

“We saw more softness setting into the Canadian housing market at the national level this fall, with previously more resilient single-family home prices dipping,” says RPS-Wahi Economist Ryan McLaughlin. “However, the national numbers mask surprising and sustained strength in certain regions,” he adds.

Winnipeg Matches Quebec City as Canada’s Hottest Housing Market    

For the entirety of the year, Quebec City has been leading all 13 major metro areas that Wahi analyzes in addition to the national RPS-Wahi House Price Index. However, in October, it was joined by Winnipeg. In both markets, prices increased 11% from last year.

Recent Wahi research suggests that the relative affordability of these markets, together with more favourable regional economic conditions, are helping drive demand and support elevated home prices.

Supply-side constraints have also contributed to the gains. For example, overall homebuilding activity in Quebec City has been robust of late, but much of the supply being delivered is in the form of purpose-built rentals. A decade prior, ownership housing starts were far outpacing rentals. This shift has further fueled competition over ownership homes today.

Conversely, Winnipeg’s drum-tight rental market may encourage some to purchase property rather than lease when possible. The city’s vacancy rate for purpose-built rentals has been trending below 2%.

Similar economic and affordability factors lifting Quebec City and Winnipeg are also sustaining the housing market in Regina, which boasted the third-largest year-over-year leap in prices this October. Regina was also the only major market in which the rate of year-over-year price appreciation accelerated last month relative to September.

While Regina and Winnipeg have overtaken Calgary and Edmonton as the hottest housing markets in the Prairies — and among the strongest in Canada — the formerly exuberant Alberta markets are merely returning to balance after strong price run-ups.

Markets in B.C. and Ontario are a counterbalance to stronger markets in the Prairies, Quebec, and Atlantic Canada. This is primarily a function of the generationally weak condo segments in Toronto and Vancouver markets. However, detached home prices in these markets were also down 3% annually. Meanwhile, Victoria is inching closer to experiencing annual price drops.

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.