In August 2026, the national RPS House Price Index, which is based on the latest monthly actual home values in 1,000 towns and cities across the country, once more declined by 3% on a year-over-year basis. The pace of annual depreciation has been steady throughout the year. Neither worsening nor improving, the market has been treading water over the past several months despite some speculation that the stage was set for recovery as sales activity in some key markets had been firming up of late.
The ongoing — and unpredictable — trade war between Canada and the U.S. has hampered homebuyer sentiment in recent months, creating another roadblock to the housing market’s recovery.
However, with prices in Calgary now flat, the number of major metro areas in negative territory declined by one in August. Six of the 13 metro areas that RPS analyzed alongside the national index were down last month, compared to seven in July. The range of year-over-year declines was comparable with previous months, with Toronto (-7%) and Hamilton (-7%) posting the biggest drops and Ottawa (-1%) teetering towards pricing balance.
Canadian condo downturn not limited to B.C. and Ontario
The condo segment — which is the most vulnerable to economic uncertainty as high-rise units have historically been investment vehicles — remains more depressed than the single-family home class. Nationally, row/townhouse values declined by 7%, edging out condos (-6%). Values of detached (-3%) and semi-detached homes (-3%) continued to depreciate at a significantly slower pace and, in some markets, are still appreciating.
Although B.C.’s Lower Mainland and southern Ontario are the flashpoints for condo corrections, weakness has also materialized in Calgary’s multi-family category. For example, as the Calgary market recalibrates after an extended price runup between 2023-2025, condo values continue to perform below year-ago levels, whereas detached home values are flat. Much like in Toronto and Vancouver before it, Calgary is now facing a wave of condo completions for projects that were launched amid strong demand during the last pricing boom. However, unlike Toronto and Vancouver, Calgary benefits from better overall affordability, which supports a higher baseline level of homebuying activity. Alberta’s population also continues to increase despite a federal reduction in immigration targets. Populations in B.C. and Ontario are declining, creating even weaker demand-side dynamics in these markets.
Home Values decline in 6 out of 13 major metros in August
With Calgary home values achieving balance in August, six major metro areas posted declines. Among these metros, Ottawa-Gatineau (-1%) and Halifax (-1%) were the most resilient. Both were growth markets last year, and subsequent pricing adjustments are relatively minor. Meanwhile, Vancouver (-3%) and Victoria (-3%) have improved throughout 2026 and are trending towards more balanced conditions, though buyers firmly maintain the upper hand for now. Toronto (-7%) and Hamilton (-7%) remain the most volatile markets, and the one-two punch of condo corrections and tariffs (particularly in the manufacturing hub of Hamilton) pose significant ongoing headwinds.
As in previous months, the strongest metros were located in Quebec, followed by secondary markets in the Prairies. Quebec City (+11%) led the charge, with Montreal (+6%) and Regina (+6%) trailing.
About the RPS House Price Index (HPI)
The RPS House 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. For more information, the complete methodology is available.
Long-Term Price Trends
The RPS 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.
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.
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. All figures are rounded to the nearest whole number.
Access the RPS House Price Index Data
This article provides a summary of the key trends from the August 2026 RPS House Price Index. If you’d like the underlying data, sign up for the RPS HPI Public Release and receive the complimentary dataset each month, delivered directly to your inbox.
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Josh is a staff writer at RPS. He has been reporting on the national real estate market for 10 years, including for some of Canada’s largest newspapers and magazines.