RPS-Wahi House Price Index November 2025 Canadian home prices took a tumble on a year-over-year basis this November as a fourth major housing market entered negative territory. Most Recent Report National House Price Index Declines for First Time Since 2023 Dec 16, 2025 Canadian home prices took a tumble on a year-over-year basis this November as a fourth major housing market entered negative territory. Read now 2025 November Key Insights Victoria (-1%) joined Hamilton (-3%), Toronto (-5%), and Vancouver (-4%) as the fourth major metro area to post annual price declines in 2025, though Victoria’s 1% decline was milder than in the other markets. Quebec City (+12%) and Winnipeg (+10%) remain Canada’s strongest-performing major markets, with Montreal (+8%) and Regina (+7%) showing continued price strength. Their relative affordability, favourable economic conditions and demographic fundamentals are driving demand, while supply constraints — particularly Quebec City’s shift toward purpose-built rentals — are intensifying competition for ownership housing. Winnipeg and Regina remain the strongest Prairie markets, having overtaken Edmonton (+5%) and Calgary (+2%), while Alberta’s previously rapid price growth continues to cool back toward balance. Detached home prices — which make up over half of Canada’s housing stock — were flat year over year, while row/townhouses declined 1%, semi-detached homes dipped 2% year-over-year, and condo values dropped 6% year-over-year. Previous House Price Index Reports Single-Family Home Prices Soften Amid Canada’s Fall Housing Market view report Supply Imbalances and Affordability Fuel Diverging Canadian Home Price Trends view report Canadian Housing Market Holds Steady this Summer with Notable Exceptions view report Canadian Home Prices Flatten in July as Single-Family Homes Join Market Slowdown view report explore more reports Methodology 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. 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.h 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.e 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. For more information, the complete methodology is available here. News Media Contact Kristin Doucet Managing Editor Tel: 877-207-4273E-mail: pr@wahi.com
