News Release

RPS-Wahi HPI: Canadian Home Prices Fall 3% as Tariff Pressures Mount

TORONTO, ONT. — October 13, 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.

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

According to the latest index — Canada’s most comprehensive and timely measure of home prices — national home prices declined by 3% year over year in September, continuing the pace of depreciation seen in recent months. However, the national figure masks deeper challenges in markets heavily exposed to U.S. tariffs, where job losses and economic uncertainty are weighing on homebuyer confidence and property values.

“There’s a lot working against a rebound in the Canadian housing market this fall,” says RPS-Wahi Economist Ryan McLaughlin. “Not only do homebuyers have to contend with affordability challenges in the major markets, but fraught relations with our largest trading partner have resulted in layoffs in smaller, historically more affordable markets,” he adds.

The impact of trade tensions is becoming increasingly apparent in tariff-sensitive markets. Of the 19 Canadian markets identified by the Canadian Chamber of Commerce as particularly vulnerable to U.S. tariffs, 14 recorded flat or declining home values in September. In early 2025, all 19 were experiencing price growth.

Meanwhile, weakness in the condo and townhouse sectors continues to weigh on the broader housing market, with multi-family home values declining more sharply than those of detached and semi-detached properties.

Highlights from the September report include:

• The national RPS-Wahi House Price Index declined 3% year over year in September, extending the trend of annual depreciation seen throughout 2026.
• Fourteen of the 19 tariff-exposed markets analyzed recorded flat or declining home values, compared with price growth across all 19 markets in early 2025.
• Abbotsford, B.C., Barrie, Hamilton, Kitchener-Cambridge-Waterloo and Windsor recorded some of the steepest declines among tariff-exposed markets, with home values down 7% year over year.
• Hamilton (-7%), Toronto (-6%), Vancouver (-5%) and Victoria (-5%) continued to experience significant annual price declines, reflecting affordability pressures, economic uncertainty and excess condo inventory.
• Seven of the 13 major metro areas analyzed recorded flat or rising home values, led by Quebec City (+10%), Regina (+7%) and Montreal (+6%).
• Row/townhouse values (-7%) and condos (-6%) remained the weakest property types nationally, compared with more modest declines of 2% for both detached and semi-detached homes.
• Condo-market weakness has extended beyond Ontario and B.C., with multi-family demand also softening in Calgary and Montreal.

You can access the full September 2026 RPS House Price Index, including detailed charts, here.

RPS-Wahi Economist Ryan McLaughlin is available to discuss how U.S. tariffs and job losses are affecting housing markets across Canada, why some regions continue to outperform others, the ongoing weakness in the condo sector and what the latest data signals for Canadian home prices this fall.

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