News Release

RPS-Wahi HPI: Canadian Home Prices Drop 4% as Spring Market Winds Down

TORONTO, ONT. —June 11, 2026 — We’re pleased to share the latest national housing data from Wahi and Real Property Solutions (RPS), offering timely insight for anyone covering Canadian real estate trends as the spring market comes to a close.

Wahi, a leading Canadian real estate platform, and Real Property Solutions (RPS), the foremost Canadian provider of property valuation services, today released their May 2026 House Price Index.

According to the latest index — Canada’s most comprehensive and timely measure of home prices — national home prices declined by 4% on a year-over-year basis in May. That matches the annual rate of depreciation recorded in April, when the index posted its sharpest annual decline since July 2023.

While the national figure points to continued softness, the headline number masks sharp regional differences. Quebec markets continue to lead the country, with Quebec City and Montreal posting strong annual gains, while parts of southern Ontario and B.C.’s Lower Mainland remain under pressure.

“When the Ontario housing market sneezes, Canadian real estate catches a cold,” says RPS-Wahi Economist Ryan McLaughlin. Ontario and B.C. have historically represented half or more of all sales in Canada, so softness in these regions can weigh heavily on the national picture.

In Ontario, the provincial government’s recently announced HST rebate for new homes may also be influencing buyer behaviour. The rebate coincided with a notable increase in new-home sales, including preconstruction and standing inventory.

“Some buyers in Ontario who might have otherwise purchased an existing home this spring may have opted for a new-construction home instead,” says McLaughlin. “Similarly, others could be encouraged to continue holding off on a purchase until details of the rebate are fully finalized.”

Highlights from the May report include:

• The national RPS-Wahi House Price Index declined 4% year over year in May, matching April’s annual decline.
• Seven of 13 major markets remain in negative territory, including Calgary (-1%), Ottawa (-4%), Halifax (-5%), Vancouver (-5%), Victoria (-7%), Hamilton (-9%) and Toronto (-9%).
• Markets in Quebec, particularly Montreal (+7%) and Quebec City (+11%), continue to outperform, widening the gap with other regions.
• Single-family home prices are showing more weakness, with detached homes down 4% year over year in May and semi-detached homes down 5%. While detached homes continue to outperform condos, the gap between single-family and multi-family price declines is narrowing.
• Condo depreciation remains significant, with condo prices falling at roughly the same annual pace (-7%) as they were a year ago, while row/townhouses are down 9%.

You can access the full RPS-Wahi House Price Index for May 2026, including detailed charts, here.

RPS-Wahi Economist Ryan McLaughlin is available to discuss what the latest data signals for Canada’s housing market as the spring market comes to an end and the seasonally slower summer period approaches.

About the Index:

The RPS-Wahi House Price Index data covers 1,000+ cities and towns across Canada, making it one of the most current and comprehensive indicators available. It includes the median house price dollar values and extensive additional data by property type from a national to the local level.

About Real Property Solutions

RPS is a leading national appraisal management company in Canada with a network of over 3,500 appraisers providing property valuation services to major financial institutions across the country. RPS is also the foremost provider of residential data solution services including the RPS House Price Index, RPS Automated Valuation Model (AVM), Portfolio Valuation Services, and the Collateral Assessment Review (CAR).

About Wahi

Wahi is a digital real estate platform that redefines the homebuying experience by putting more power into consumers’ hands by combining cutting-edge tech and market data with expert REALTORS®.

News Media Contacts:

Kristin Doucet

Wahi

Tel: 877-207-4273

Kristin.Doucet@wahi.com