But 10 of 13 major metro areas eked out year-over-year price gains despite little change nationally
Canadian home prices held steady in July 2025, as a cooling single-family housing market joined the ongoing condo downturn.
That’s according to the latest RPS-Wahi House Price Index released by real estate platform Wahi and property valuation firm Real Property Solutions (RPS).
The index showed no year-over-year change in national home prices. Detached and row-townhouse prices were up just 1%, while semi-detached homes declined 1%. Condo prices fell 7% year-over-year, matching a 20-year record for monthly depreciation.
“Since the Canadian housing market began falling from its 2022 peak, single-family homes held up better than condos,” said RPS-Wahi economist Ryan McLaughlin. “But now, we’re seeing even that resilience fade.”
Among the 13 major metro areas tracked by the index, 10 still recorded year-over-year gains. Quebec City led the country with a 13% price increase, driven by a tight supply of entry-level homes and strong demand, pushing many sales above asking price. Winnipeg followed at 9%, with its affordability and a recent surge in interprovincial migration fuelling demand.
Meanwhile, Hamilton, Toronto, and Vancouver remained under pressure. Hamilton and Vancouver posted 5% annual price declines, while Toronto dropped 4%. The supply glut of condos is particularly weighing on Toronto and Vancouver markets, where condo prices saw their sharpest annual drops in two years—down 10% and 9%, respectively.
The RPS-Wahi House Price Index, which analyses actual appraisals, land registry, and sales data across 1,000 towns and cities, smooths out short-term volatility to provide a more accurate picture of market trends.
Is your city cooling or climbing in Canada’s shifting housing market? Let us know in the comments.
