{"id":315882,"date":"2026-05-25T11:16:55","date_gmt":"2026-05-25T15:16:55","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=315882"},"modified":"2026-05-25T11:16:56","modified_gmt":"2026-05-25T15:16:56","slug":"regional-market-differences-why-national-headlines-dont-tell-the-full-story","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/regional-market-differences-canadian-housing-market\/","title":{"rendered":"Regional Market Differences: Why National Headlines Don’t Tell the Full Story"},"content":{"rendered":"

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_module_preset=”default” custom_padding=”0px||3px|1px||” custom_padding_tablet=”0px||3px|1px||” custom_padding_phone=”0px||0px|0px|false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”][et_pb_social_media_follow_network social_network=”twitter” url=”https:\/\/twitter.com\/wahi_inc” icon_color=”#BC4E40″ _builder_version=”4.20.2″ _module_preset=”default” background_color=”RGBA(255,255,255,0)” background_enable_color=”on” global_colors_info=”{}” follow_button=”off” url_new_window=”on”]twitter[\/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” url=”https:\/\/www.linkedin.com\/company\/wahi-inc\/” icon_color=”#BC4E40″ _builder_version=”4.20.2″ _module_preset=”default” background_color=”RGBA(255,255,255,0)” background_enable_color=”on” global_colors_info=”{}” follow_button=”off” url_new_window=”on”]linkedin[\/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”instagram” url=”https:\/\/www.instagram.com\/wahi.inc\/” icon_color=”#BC4E40″ _builder_version=”4.20.2″ _module_preset=”default” background_color=”RGBA(255,255,255,0)” background_enable_color=”on” global_colors_info=”{}” follow_button=”off” url_new_window=”on”]instagram[\/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”facebook” url=”https:\/\/www.facebook.com\/wahiinc\/” icon_color=”#BC4E40″ _builder_version=”4.20.2″ _module_preset=”default” background_color=”RGBA(255,255,255,0)” background_enable_color=”on” global_colors_info=”{}” follow_button=”off” url_new_window=”on”]facebook[\/et_pb_social_media_follow_network][\/et_pb_social_media_follow][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”15px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|desktop” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n

Canadian home prices have been relatively flat or down slightly in recent months, but national headline figures cloak several significant regional differences.<\/span><\/p>\n

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By Josh Sherman<\/a> | 4 minute read<\/p>\n

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In stark contrast to the declining national RPS-Wahi House Price Index reading for Canadian home prices in April (-3%), home values soared 12% annually in Quebec City and 8% in Montreal.<\/span><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” min_height=”791.1px” custom_padding=”32px||23px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.6em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”29px” header_2_font_size_phone=”19px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

There is an old joke in the field of economics: an economist is standing with one foot in ice while the other is on fire. When asked to assess the situation, the economist concludes, \u201cOn average, everything\u2019s great!\u201d<\/span><\/p>\n

\u00a0<\/span><\/p>\n

According to Kari Norman, Senior Economist at Desjardins, this joke demonstrates the trouble with using national headline numbers to draw conclusions about the Canadian real estate market.<\/p>\n

 <\/p>\n

Aggregate data points \u2014 such as the countrywide sales volume or the average price of a home \u2014 are the sum totals of various, sometimes-opposing market conditions (or the metaphorical fire and ice in Norman\u2019s joke). \u201cWhen you look at the national average, it\u2019s really obscuring very deep regional differences,\u201d the seasoned economist explains.<\/p>\n

 <\/p>\n

The composition of sales across the country does not help. Real estate activity in Canada mainly occurs in a handful of large urban centres throughout just a few regions. \u201cThe Canadian national average is heavily influenced by Ontario and B.C., because half of home sales or more are in those two provinces, typically,\u201d says Norman. \u201cSo, when Ontario and B.C. are weak, the average national numbers are weak,\u201d she adds.<\/p>\n

 <\/p>\n

In extreme cases, these markets can effectively push the national price of a home into negative territory all by themselves. To wit, in September of 2025, the national RPS House Price Index was down 1% compared to the year prior, yet values were up in all of the 13 major census metro areas the index tracks, minus Hamilton, Toronto, and Vancouver.\u00a0<\/p>\n

 <\/p>\n

The Ontario-B.C. Effect also tends to prop up or inflate the national numbers when markets such as Toronto and Vancouver demonstrate more pricing exuberance. <\/span><\/p>\n

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\u00a0<\/span><\/p>\n

The top regional trends that are getting lost in the national data<\/strong><\/h2>\n

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One of the biggest stories that is not immediately apparent from the national headlines of late is the strong and sustained momentum in home values in Quebec \u2014 and especially Quebec City.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Canadawide, the RPS House Price Index slipped 4% on a year-over-year basis in April, but it is a very different story in major markets in La Belle Province.\u00a0<\/p>\n

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\u00a0<\/span><\/p>\n

[\/et_pb_text][et_pb_text content_tablet=”<\/p>\n