{"id":310310,"date":"2025-06-16T14:05:42","date_gmt":"2025-06-16T14:05:42","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=310310"},"modified":"2025-09-17T17:05:30","modified_gmt":"2025-09-17T21:05:30","slug":"canadian-home-prices-levelling-off-as-condo-market-matches-20-year-low","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/rps-wahi-house-price-index-may-2025\/","title":{"rendered":"Canadian Home Prices Levelling off as Condo Market Matches 20-Year Low"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||3px|||&#8221; da_disable_devices=&#8221;off|off|off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; 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url_new_window=&#8221;on&#8221;]twitter[\/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=&#8221;linkedin&#8221; url=&#8221;https:\/\/www.linkedin.com\/company\/wahi-inc\/&#8221; icon_color=&#8221;#BC4E40&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; background_enable_color=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221; follow_button=&#8221;off&#8221; url_new_window=&#8221;on&#8221;]linkedin[\/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=&#8221;instagram&#8221; url=&#8221;https:\/\/www.instagram.com\/wahi.inc\/&#8221; icon_color=&#8221;#BC4E40&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; background_enable_color=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221; follow_button=&#8221;off&#8221; url_new_window=&#8221;on&#8221;]instagram[\/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=&#8221;facebook&#8221; url=&#8221;https:\/\/www.facebook.com\/wahiinc\/&#8221; icon_color=&#8221;#BC4E40&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; background_enable_color=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221; follow_button=&#8221;off&#8221; url_new_window=&#8221;on&#8221;]facebook[\/et_pb_social_media_follow_network][\/et_pb_social_media_follow][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;15px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;21px&#8221; text_line_height=&#8221;1.6em&#8221; header_2_font=&#8221;||||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_font_size=&#8221;1.25rem&#8221; header_3_line_height=&#8221;1.88rem&#8221; header_4_font=&#8221;|700|||||||&#8221; header_4_font_size=&#8221;1.25rem&#8221; header_4_line_height=&#8221;1.88rem&#8221; text_font_size_tablet=&#8221;21px&#8221; text_font_size_phone=&#8221;16px&#8221; text_font_size_last_edited=&#8221;on|desktop&#8221; header_2_font_size_tablet=&#8221;36px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\">The RPS-Wahi House Price Index was up 1% year-over-year in May, but growth in home values is moderating as tariffs and the condo downturn take a toll.<\/span><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;21px&#8221; text_line_height=&#8221;1.6em&#8221; header_2_font=&#8221;||||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_font_size=&#8221;1.25rem&#8221; header_3_line_height=&#8221;1.88rem&#8221; header_4_font=&#8221;|700|||||||&#8221; header_4_font_size=&#8221;1.25rem&#8221; header_4_line_height=&#8221;1.88rem&#8221; custom_margin=&#8221;||11px|||&#8221; text_font_size_tablet=&#8221;21px&#8221; text_font_size_phone=&#8221;16px&#8221; text_font_size_last_edited=&#8221;on|phone&#8221; header_2_font_size_tablet=&#8221;36px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>By <a href=\"https:\/\/wahi.com\/ca\/en\/author\/josh-shermanwahi-com\">Josh Sherman<\/a><span style=\"font-weight: 400;\">\u00a0<\/span>| 4 minute read<\/p>\n<p>[\/et_pb_text][et_pb_post_title title=&#8221;off&#8221; author=&#8221;off&#8221; date_format=&#8221;M j&#8221; categories=&#8221;off&#8221; comments=&#8221;off&#8221; featured_image=&#8221;off&#8221; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||26px|||&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||3px|||&#8221; da_disable_devices=&#8221;off|off|off&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; width_tablet=&#8221;&#8221; width_phone=&#8221;100%&#8221; width_last_edited=&#8221;on|desktop&#8221; custom_padding=&#8221;0px||9px|||&#8221; global_colors_info=&#8221;{}&#8221; width__hover_enabled=&#8221;off|desktop&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@&#8221; align=&#8221;center&#8221; force_fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.27.4&#8243; _dynamic_attributes=&#8221;src&#8221; _module_preset=&#8221;default&#8221; custom_margin=&#8221;1px||29px|||&#8221; border_radii=&#8221;on|32px|32px|32px|32px&#8221; border_radii_tablet=&#8221;on|32px|32px|32px|32px&#8221; border_radii_phone=&#8221;on|0px|0px|0px|0px&#8221; border_radii_last_edited=&#8221;on|desktop&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;1.13rem&#8221; text_line_height=&#8221;1.75rem&#8221; custom_margin=&#8221;-18px||2px|||&#8221; custom_padding=&#8221;||7px||false|true&#8221; custom_padding_tablet=&#8221;||7px||false|true&#8221; custom_padding_phone=&#8221;|15px|7px|15px|false|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; text_font_size_tablet=&#8221;1.13rem&#8221; text_font_size_phone=&#8221;0.9rem&#8221; text_font_size_last_edited=&#8221;on|phone&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\">The RPS-Wahi House Price Index, created by Real Property Solutions and presented by Wahi, is a trusted indicator of Canadian home price trends.<\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;32px||23px|||&#8221; da_disable_devices=&#8221;off|off|off&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;11px||14px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;21px&#8221; text_line_height=&#8221;1.6em&#8221; header_2_font=&#8221;||||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_font_size=&#8221;1.25rem&#8221; header_3_line_height=&#8221;1.88rem&#8221; header_4_font=&#8221;|700|||||||&#8221; header_4_font_size=&#8221;1.25rem&#8221; header_4_line_height=&#8221;1.88rem&#8221; text_font_size_tablet=&#8221;21px&#8221; text_font_size_phone=&#8221;16px&#8221; text_font_size_last_edited=&#8221;on|phone&#8221; header_2_font_size_tablet=&#8221;36px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/wahi.com\/ca\/en\/real-estate\/on\">Wahi, a leading Canadian real estate platform<\/a>, and Real Property Solutions (RPS), the foremost Canadian provider of property valuation services, today released their monthly home price index for May 2025.<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">While the RPS-Wahi House Price Index climbed by 1% on a year-over-year basis in May, it was the smallest annual increase since August of 2023, when home values were flat. The rate of annual appreciation has been slowing for three consecutive months, according to Wahi, RPS\u2019s official partner in presenting the index.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The beleaguered condo segment, especially in the Toronto and <a class=\"wpil_keyword_link\" href=\"https:\/\/wahi.com\/ca\/en\/real-estate\/bc\/greater-vancouver\" title=\"Vancouver\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"2460\">Vancouver<\/a> markets, is one of the main drivers of the overall cooling at a national level. Condo values plunged 7% annually in May. This is tied for the largest year-over-year decline in condo values since the RPS-Wahi House Price Index was established in 2005. April and May of 2023, towards the tail end of the Bank of Canada\u2019s last rate-hiking cycle, were the only other times that condo values fell at this rate.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><iframe title=\"Canadian Home Price Trends by Property Type: RPS-Wahi House Price Index (May 2025)\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-HmMB2\" src=\"https:\/\/datawrapper.dwcdn.net\/HmMB2\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"555\" data-external=\"1\"><\/iframe><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;11px||14px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;21px&#8221; text_line_height=&#8221;1.6em&#8221; header_2_font=&#8221;||||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_font_size=&#8221;1.25rem&#8221; header_3_line_height=&#8221;1.88rem&#8221; header_4_font=&#8221;|700|||||||&#8221; header_4_font_size=&#8221;1.25rem&#8221; header_4_line_height=&#8221;1.88rem&#8221; text_font_size_tablet=&#8221;21px&#8221; text_font_size_phone=&#8221;16px&#8221; text_font_size_last_edited=&#8221;on|phone&#8221; header_2_font_size_tablet=&#8221;36px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Detached and row\/townhouse values continued to prop up the national index in May, with the former increasing by 3% and the latter posting a 2% gain. However, these fell short of April\u2019s gains. Semi-detached values edged 1% lower after remaining unchanged in April relative to the same time last year.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><iframe title=\"Year-Over-Year Canadian Home Price Changes by Property Type: RPS-Wahi House Price Index (May 2025)\" aria-label=\"Column Chart\" id=\"datawrapper-chart-Ao0iI\" src=\"https:\/\/datawrapper.dwcdn.net\/Ao0iI\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"358\" data-external=\"1\"><\/iframe><br \/><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><b>Values Remain Elevated in Most Major Markets, but Declines Sharpen in Hamilton, Toronto, and Vancouver <\/b><\/h2>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to the national RPS-Wahi House Price Index, which is based on an up-to-six-month rolling average of actual home values in 1,000 cities and towns across Canada, the indices for 13 major metro areas were analyzed.<b><br \/><\/b><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><iframe title=\"Prices Climb in 10 Canadian Cities (May 2025)\" aria-label=\"Column Chart\" id=\"datawrapper-chart-ytxa1\" src=\"https:\/\/datawrapper.dwcdn.net\/ytxa1\/8\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"610\" data-external=\"1\"><\/iframe><span style=\"font-size: 21px;\">Prices remained up year-over-year in 10 of 13 markets, once again led by Quebec City (+14%), where supply is insufficient to meet demand owing to the metro area\u2019s relative affordability. One-in-four properties in Quebec City are changing hands for upwards of 10% over the list price, <\/span><a href=\"https:\/\/www.globenewswire.com\/news-release\/2025\/06\/09\/3095859\/0\/en\/Record-May-for-the-Quebec-City-Real-Estate-Market.html?utm_source=chatgpt.com\" style=\"font-size: 21px;\" target=\"_blank\" rel=\"noopener\">according to Quebec REALTORS\u00ae<\/a><span style=\"font-size: 21px;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">\u201cA number of regional pricing trends persisted in May, with gains in Alberta and Quebec standing in contrast to declines in Canada\u2019s most expensive markets,\u201d says RPS-Wahi President and CEO Benjy Katchen.<\/span><span style=\"font-weight: 400;\"><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><a class=\"wpil_keyword_link\" href=\"https:\/\/wahi.com\/ca\/en\/real-estate\/ab\/edmonton\" title=\"Edmonton\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"3082\">Edmonton<\/a> followed Quebec City with a 10% year-over-year surge in values. In February, Edmonton overtook <a class=\"wpil_keyword_link\" href=\"https:\/\/wahi.com\/ca\/en\/real-estate\/ab\/calgary\" title=\"Calgary\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"3087\">Calgary<\/a> in terms of year-over-year growth for the first time since August of 2021. This divergence continued into May, as Calgary values remained 5% up from a year ago.<br \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><iframe title=\"Calgary and Edmonton Home Prices Are Diverging\" aria-label=\"Grouped Columns\" id=\"datawrapper-chart-ivJzI\" src=\"https:\/\/datawrapper.dwcdn.net\/ivJzI\/11\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"474\" data-external=\"1\"><\/iframe><\/p>\n<p>In general, Alberta\u2019s major markets have proven more resilient during the prolonged post-pandemic cooling period. The province\u2019s lower home prices and labour market have attracted Canadians from other provinces. Anecdotally, some Calgary demand is shifting to Edmonton, which boasts better affordability.<\/p>\n<p>&nbsp;<\/p>\n<p>Behind Edmonton, Montreal and <a class=\"wpil_keyword_link\" href=\"https:\/\/wahi.com\/ca\/en\/real-estate\/bc\/capital\/victoria\" title=\"Victoria\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"3086\">Victoria<\/a> were tied for third in terms of appreciation with values climbing 8% in each.<\/p>\n<h2><b><br \/>Tariffs Take a Toll\u00a0<\/b><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Although prices remain elevated from this time last year in the vast majority of major markets, the pace of annual appreciation in May was slowing or flat compared to what was observed in April in all 13 metro areas. <\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">\u201cThe sluggish condo market is weighing on Canadian home price growth, but it is not the only headwind,\u201d says Katchen. \u201cTariffs have challenged consumer confidence, and some local economies have been hit harder than others,\u201d he continues.<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">For example, not long ago, Hamilton had been outperforming <a class=\"wpil_keyword_link\" href=\"https:\/\/wahi.com\/ca\/en\/real-estate\/on\/gta\/toronto\" title=\"Toronto\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"3084\">Toronto<\/a>. As recently as February, <a class=\"wpil_keyword_link\" href=\"https:\/\/wahi.com\/ca\/en\/real-estate\/on\/hamilton\" title=\"Hamilton\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"3088\">Hamilton<\/a> home values were up 3% annually, compared to 1% in Toronto. In May, both markets experienced a 3% decline. <\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">Hamilton\u2019s housing market has been less affected by the condo downturn, though the city is exposed to other risks. The port city is Canada\u2019s main producer of steel, accounting for <\/span><a href=\"https:\/\/investinhamilton.ca\/sectors\/manufacturing\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">60% of the country\u2019s output<\/span><\/a><span style=\"font-weight: 400;\">. As the U.S. imposes steep tariffs on steel, Hamilton has become one of the most vulnerable cities to stateside trade policy, <\/span><a href=\"https:\/\/chamber.ca\/news\/canadian-chambers-research-pinpoints-most-tariff-vulnerable-cities-in-canada\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">suggests the Canadian Chamber of Commerce<\/span><\/a><span style=\"font-weight: 400;\">. Because Toronto\u2019s economy is considerably less reliant on exports, it is more insulated from the knock-on effects of international trade tensions.<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">Of the three markets to post year-over-year price declines in May, Vancouver experienced the sharpest drop at 4%. Like Toronto, Vancouver has seen <\/span><a href=\"https:\/\/www.cmhc-schl.gc.ca\/blog\/2025\/condominium-apartment-market-risks-toronto-vancouver\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">condo inventory levels double<\/span><\/a><span style=\"font-weight: 400;\"> between 2022 and 2025 as sales have plunged. A historically high number of new condos continue to flood the market as contractors complete buildings that entered the presale phase several years ago. This is expected to inflate supply levels looking ahead. <\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">As the ripple effects of new condo inventory, tariffs, and other factors such as challenging affordability conditions work their way through the Canadian housing market, the RPS-Wahi House Price Index will continue to be a leading indicator. Recent appraisals are one of the data sources for the index, which also uses land registry and other sales data, making it the most timely indicator of prices.<\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;29px||0px|||&#8221; da_disable_devices=&#8221;off|off|off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||4px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;21px&#8221; text_line_height=&#8221;1.6em&#8221; header_2_font=&#8221;||||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.6em&#8221; header_3_font_size=&#8221;1.25rem&#8221; header_3_line_height=&#8221;1.88rem&#8221; header_4_font=&#8221;|700|||||||&#8221; header_4_font_size=&#8221;1.25rem&#8221; header_4_line_height=&#8221;1.88rem&#8221; text_font_size_tablet=&#8221;21px&#8221; text_font_size_phone=&#8221;16px&#8221; text_font_size_last_edited=&#8221;on|phone&#8221; header_2_font_size_tablet=&#8221;29px&#8221; header_2_font_size_phone=&#8221;19px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2><b>About the RPS-Wahi House Price Index (HPI)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">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 <a href=\"https:\/\/www.rpsrealsolutions.com\/wp-content\/uploads\/2024\/02\/RPS_HPI_Methodology_202401_Web-1.pdf\" target=\"_blank\" rel=\"noopener\">complete methodology<\/a> is available.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><em><b>Long-Term Price Trends<\/b><\/em><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">The <a href=\"https:\/\/www.rpsrealsolutions.com\/house-price-index\/\" target=\"_blank\" rel=\"noopener\">RPS-Wahi House Price Index<\/a> is based on the latest monthly actual home values in 1,000 towns and cities across the country.<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">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. <\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">The HPI does not indicate the actual price of a property. It demonstrates how prices have moved relative to the base period.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><br \/><\/span><em><b>Market Momentum<\/b><\/em><\/p>\n<p><span style=\"font-weight: 400;\"><br \/>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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p>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.<span style=\"font-weight: 400;\"><\/span><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p><em><\/em><\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<p>[\/et_pb_text][et_pb_code _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<script type=\"application\/ld+json\"><!-- [et_pb_line_break_holder] -->{<!-- [et_pb_line_break_holder] -->  \"@context\": \"https:\/\/schema.org\",<!-- [et_pb_line_break_holder] -->  \"@type\": \"NewsArticle\",<!-- [et_pb_line_break_holder] -->  \"mainEntityOfPage\": {<!-- [et_pb_line_break_holder] -->    \"@type\": \"WebPage\",<!-- [et_pb_line_break_holder] -->    \"@id\": \"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/rps-wahi-house-price-index-may-2025\/\"<!-- [et_pb_line_break_holder] -->  },<!-- [et_pb_line_break_holder] -->  \"headline\": \"Canadian Home Prices Levelling off as Condo Market Matches 20-Year Low\",<!-- [et_pb_line_break_holder] -->  \"description\": \"The RPS-Wahi House Price Index rose 1% year-over-year in May 2025, but growth slowed as condo values fell 7%\u2014marking one of the steepest drops in two decades.\",<!-- [et_pb_line_break_holder] -->  \"image\": \"https:\/\/wahi.imgix.net\/images\/market-insights\/price-index-may-2025\/skyline.webp\",<!-- [et_pb_line_break_holder] -->  \"author\": {<!-- [et_pb_line_break_holder] -->    \"@type\": \"Person\",<!-- [et_pb_line_break_holder] -->    \"name\": \"Josh Sherman\"<!-- [et_pb_line_break_holder] -->  },<!-- [et_pb_line_break_holder] -->  \"publisher\": {<!-- [et_pb_line_break_holder] -->    \"@type\": \"Organization\",<!-- [et_pb_line_break_holder] -->    \"name\": \"Wahi\",<!-- [et_pb_line_break_holder] -->    \"logo\": {<!-- [et_pb_line_break_holder] -->      \"@type\": \"ImageObject\",<!-- [et_pb_line_break_holder] -->      \"url\": \"https:\/\/wahi.com\/favicon.ico\"<!-- [et_pb_line_break_holder] -->    }<!-- [et_pb_line_break_holder] -->  },<!-- [et_pb_line_break_holder] -->  \"datePublished\": \"2025-06-16\",<!-- [et_pb_line_break_holder] -->  \"dateModified\": \"2025-06-16\"<!-- [et_pb_line_break_holder] -->}<!-- [et_pb_line_break_holder] --><\/script><!-- [et_pb_line_break_holder] -->[\/et_pb_code][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||4px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_code _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<script type=\"application\/ld+json\"><!-- [et_pb_line_break_holder] -->{<!-- [et_pb_line_break_holder] -->  \"@context\": \"https:\/\/schema.org\",<!-- [et_pb_line_break_holder] -->  \"@type\": \"FAQPage\",<!-- [et_pb_line_break_holder] -->  \"mainEntity\": [<!-- [et_pb_line_break_holder] -->    {<!-- [et_pb_line_break_holder] -->      \"@type\": \"Question\",<!-- [et_pb_line_break_holder] -->      \"name\": \"How did the RPS\u2013Wahi House Price Index change year-over-year in May 2025?\",<!-- [et_pb_line_break_holder] -->      \"acceptedAnswer\": {<!-- [et_pb_line_break_holder] -->        \"@type\": \"Answer\",<!-- [et_pb_line_break_holder] -->        \"text\": \"The index rose 1% year-over-year in May 2025, suggesting a significant cooling from earlier months. ([wahi.com](https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/rps-wahi-house-price-index-may-2025\/))\"<!-- [et_pb_line_break_holder] -->      }<!-- [et_pb_line_break_holder] -->    },<!-- [et_pb_line_break_holder] -->    {<!-- [et_pb_line_break_holder] -->      \"@type\": \"Question\",<!-- [et_pb_line_break_holder] -->      \"name\": \"What happened to condo prices in May 2025 according to the index?\",<!-- [et_pb_line_break_holder] -->      \"acceptedAnswer\": {<!-- [et_pb_line_break_holder] -->        \"@type\": \"Answer\",<!-- [et_pb_line_break_holder] -->        \"text\": \"Condo prices fell by 7% year-over-year in May 2025, matching the steepest decline seen since the early 2000s. ([wahi.com](https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/rps-wahi-house-price-index-may-2025\/))\"<!-- [et_pb_line_break_holder] -->      }<!-- [et_pb_line_break_holder] -->    },<!-- [et_pb_line_break_holder] -->    {<!-- [et_pb_line_break_holder] -->      \"@type\": \"Question\",<!-- [et_pb_line_break_holder] -->      \"name\": \"How did prices for detached and semi-detached homes perform?\",<!-- [et_pb_line_break_holder] -->      \"acceptedAnswer\": {<!-- [et_pb_line_break_holder] -->        \"@type\": \"Answer\",<!-- [et_pb_line_break_holder] -->        \"text\": \"Detached home prices rose 3% year-over-year, and semi-detached home prices increased 2% in May 2025. ([wahi.com](https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/rps-wahi-house-price-index-may-2025\/))\"<!-- [et_pb_line_break_holder] -->      }<!-- [et_pb_line_break_holder] -->    },<!-- [et_pb_line_break_holder] -->    {<!-- [et_pb_line_break_holder] -->      \"@type\": \"Question\",<!-- [et_pb_line_break_holder] -->      \"name\": \"What is contributing to the decline in condo prices?\",<!-- [et_pb_line_break_holder] -->      \"acceptedAnswer\": {<!-- [et_pb_line_break_holder] -->        \"@type\": \"Answer\",<!-- [et_pb_line_break_holder] -->        \"text\": \"Higher supply and lower demand in urban centres have driven condo prices down, especially as affordability pressures remain. ([wahi.com](https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/rps-wahi-house-price-index-may-2025\/))\"<!-- [et_pb_line_break_holder] -->      }<!-- [et_pb_line_break_holder] -->    },<!-- [et_pb_line_break_holder] -->    {<!-- [et_pb_line_break_holder] -->      \"@type\": \"Question\",<!-- [et_pb_line_break_holder] -->      \"name\": \"Which markets showed the most significant shifts in home price performance?\",<!-- [et_pb_line_break_holder] -->      \"acceptedAnswer\": {<!-- [et_pb_line_break_holder] -->        \"@type\": \"Answer\",<!-- [et_pb_line_break_holder] -->        \"text\": \"Toronto, Vancouver, and Calgary all showed shifts in home price performance, with Calgary remaining relatively resilient compared to declines in Toronto and Vancouver. ([wahi.com](https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/rps-wahi-house-price-index-may-2025\/))\"<!-- [et_pb_line_break_holder] -->      }<!-- [et_pb_line_break_holder] -->    }<!-- [et_pb_line_break_holder] -->  ]<!-- [et_pb_line_break_holder] -->}<!-- [et_pb_line_break_holder] --><\/script><!-- [et_pb_line_break_holder] -->[\/et_pb_code][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;33px||33px||true|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;Josh Sherman&#8221; url=&#8221;https:\/\/wahi.com\/ca\/en\/author\/josh-shermanwahi-com\/&#8221; image=&#8221;https:\/\/wahi.com\/wp-content\/uploads\/2022\/11\/Screen-Shot-2022-11-02-at-7.46.57-PM.png&#8221; icon_placement=&#8221;left&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; header_font_size=&#8221;24px&#8221; header_line_height=&#8221;1.2em&#8221; body_text_color=&#8221;#686E6E&#8221; body_line_height=&#8221;0em&#8221; width=&#8221;550px&#8221; max_width_tablet=&#8221;&#8221; max_width_phone=&#8221;&#8221; max_width_last_edited=&#8221;on|phone&#8221; module_alignment=&#8221;left&#8221; custom_padding=&#8221;2px||13px|||&#8221; header_font_size_tablet=&#8221;24px&#8221; header_font_size_phone=&#8221;20px&#8221; header_font_size_last_edited=&#8221;on|phone&#8221; header_line_height_tablet=&#8221;1.2em&#8221; header_line_height_phone=&#8221;1.4em&#8221; header_line_height_last_edited=&#8221;on|phone&#8221; custom_css_blurb_image=&#8221;width:64px;&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Wahi Writer<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;1px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; 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I can unsubscribe at any time.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The RPS-Wahi House Price Index was up 1% year-over-year in May, but growth in home values is moderating as tariffs and the condo downturn take a toll. <\/p>\n","protected":false},"author":14,"featured_media":310312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"2880","footnotes":""},"categories":[23],"tags":[230],"dipi_cpt_category":[],"class_list":["post-310310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buy-and-sell","tag-hpi"],"acf":[],"_links":{"self":[{"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/posts\/310310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/comments?post=310310"}],"version-history":[{"count":12,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/posts\/310310\/revisions"}],"predecessor-version":[{"id":312132,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/posts\/310310\/revisions\/312132"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/media\/310312"}],"wp:attachment":[{"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/media?parent=310310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/categories?post=310310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/tags?post=310310"},{"taxonomy":"dipi_cpt_category","embeddable":true,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/dipi_cpt_category?post=310310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}