Property trends across Canada show a growing divide between regions: home prices are declining in Canada’s priciest cities, while more affordable markets continue to see gains accelerate, according to the latest RPS-Wahi House Price Index.
“The national numbers are suggestive of a market on pause, though that’s certainly not the case in cities in Quebec and Atlantic Canada, as well as certain parts of the Prairies, which may be heating up more,” says RPS-Wahi economist Ryan McLaughlin. “Despite softening in prices for all property types, there’s also a sizable gap between ground-oriented homes and apartments.”
Highlights from the September report include:
- 10 of 13 major Canadian cities posted annual price gains. Quebec City (+13 per cent), Winnipeg (+11 per cent) and Regina (+9 per cent) led the pack, driven by a demand-supply imbalance and, in the case of Winnipeg and Regina, an increase in population growth that’s fueling persistent undersupply. Halifax (+5 per cent) also saw price acceleration compared to August.
- Toronto and Vancouver continued to decline by 4 per cent amid condo market weakness, rising inventory and affordability challenges, and Hamilton home values fell 3 per cent — potentially due to its exposure to U.S. steel tariffs.
- Calgary and Edmonton house prices remain in positive territory — up 3 per cent and 5 per cent, respectively — though the pace of appreciation has cooled from double-digit highs earlier this year due to increased housing starts and supply growth.
- Detached home prices — which make up over half of Canada’s housing stock — were up 1 per cent year over year, while townhouses were flat. Semi-detached homes dipped 2 per cent year over year, as condo values dropped 6 per cent year-over-year, unchanged from August.
These patterns underscore how affordability and supply constraints are driving the diverging price trends across Canada’s housing markets, the report said.
You can access the full RPS-Wahi House Price Index for September (and past reports), including detailed charts, here.
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