RPS-Wahi House Price Index December 2025 National home prices were down by 1% year-over-year, with home prices declining across all property types for the first time since mid-2023. Most Recent Report Canadian Home Prices Are Now Falling for All Property Types January 18, 2026 In December, detached homes joined other Canadian property types undergoing year-over-year price declines, according to the RPS-Wahi House Price Index. Read now 2025 December Key Insights Victoria (-3%) joined Toronto (-6%), Hamilton (-4%), and Vancouver (-4%) as the fourth major metro to record year-over-year price declines in 2025. While Victoria’s depreciation has been more noticeable than earlier in the year, indicators such as stable sales activity and a balanced sales-to-active listings ratio suggest conditions are not worsening materially. Quebec City (+12%), Regina (+10%), Winnipeg (+9%) and Montreal (+8%) emerged as Canada’s strongest-performing major markets in 2025, posting robust gains despite broader economic uncertainty. Relative affordability, resilient employment conditions, and favourable demographic trends continue to support demand in these centres. Prairie market momentum has cooled but remains positive, with Calgary (+2%) and Edmonton (+4%) settling back from earlier double-digit growth toward more balanced conditions, while Regina and Winnipeg continue to outperform. Detached home prices slipped 1% year-over-year, while semi-detached and row/townhouses were down 3%. Condo prices continued to lead declines, falling 5% nationally, driven in large part by persistent weakness in Toronto and Vancouver, with additional corrections evident in Hamilton and Calgary. Previous House Price Index Reports National House Price Index Declines for First Time Since 2023 view report 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 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
