Some 10 out of 13 major Canadian cities have posted notable annual price gains.
However, the city and area that influences local Durham trends – the Greater Toronto Area (GTA) – was not one of them.
“Even as Toronto and Vancouver continue to be weighed down by weak condo markets, Quebec City, Winnipeg and Regina posted notable gains in home price growth,” according to the latest RPS-Wahi House Price Index.
Real Property Solutions (RPS), one of Canada’s foremost provider of property valuation services and Wahi, a leading Canadian real estate platform, recently released their monthly house price index for August 2025.
According to the index, the overall national home price growth was flat year-over-year in August, mirroring July’s trend.
High Condo Inventory
“The Canadian housing market in August was almost a mirror image of July in terms of pricing trends, although the pace of condo depreciation on an annual basis did slow slightly,” says RPS-Wahi Economist Ryan McLaughlin. “That said, condo inventory levels remain high in Toronto and Vancouver, and we would expect that needs to change before any meaningful turnaround in pricing trends.”
Highlights:
- 10 of 13 major Canadian cities posted annual price gains. Quebec City (+12%), Winnipeg (+10%) and Regina (+8%) 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.
- Toronto, Vancouver and Hamilton home values fell 4% — largely due to ongoing condo market weakness and, in Hamilton’s case, potentially its exposure to U.S. steel tariffs.
- Detached and townhouse prices climbed just 1%, while semi-detached homes dipped 1% year over year, as condo values dropped 6% year-over-year, a slight improvement from the 7% drop in July.
Some buyers may have been waiting for the Bank of Canada interest rate cut. While rate cuts won’t dramatically improve affordability, they could provide a boost to homebuyer confidence, said the report.
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