News Release

RPS-Wahi House Price Index Shows Canadian Home Prices Continue to Cool Amid Condo Market Downturn

TORONTO, ONT. —June 16, 2025 — Wahi, a leading Canadian real estate platform, and Real Property Solutions (RPS), Canada’s foremost provider of property valuation services, today released their monthly home price index for May. 

Condo values plunged 7% year-over-year in May — matching the steepest drop in two decades — as affordability pressures, U.S. tariffs, and buyer fatigue slowed price growth across much of the country.

The RPS-Wahi House Price Index — Canada’s most comprehensive and timely measure of home prices — shows national home prices rose just 1% compared to last year, the smallest gain since August 2023.

Highlights from the May report include:

• Condo values dropped 7% year-over-year, matching the steepest annual drop in 20 years. This reflects the ongoing challenges in the Toronto and Vancouver condo markets, which are flooded with inventory as demand wanes.
• Detached homes and townhouses continue to see moderate year-over-year price growth, rising 3% and 2% respectively — both slower than April’s pace. Meanwhile, semi-detached homes slipped 1% year-over-year, remaining unchanged in April relative to the same time last year.
• The impact of tariffs have affected some local economies that are more vulnerable than others. Hamilton, for example, known for its steel production, saw a 3% drop in home prices, matching Toronto’s 3% decline. As recently as February, Hamilton home values were up 3% annually.
• Vancouver experienced the sharpest drop (-4%). Vancouver and Toronto, two of Canada’s largest condo markets, are grappling with an oversupply of inventory, adding downward pressure on prices.
• Alberta’s major markets have proven more resilient, with Edmonton (+10%) surpassing Calgary (+5%) in terms of year-over-year growth for the first time since August 2021, most likely due to Edmonton’s affordability.
• In contrast to declines in Canada’s most expensive markets, a number of regional pricing trends persisted in May. Quebec City led the nation in price growth (+14%), driven by a housing shortage and rising demand. This was followed by Edmonton (+10%), with Montreal and Victoria close behind at +8%.

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

Benjy Katchen, President and CEO of RPS-Wahi, is available to provide deeper insight into the index’s findings and the factors reshaping Canada’s real estate landscape.

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