The August 2025 RPS House Price Index showed no year-over-year change at the national level, consistent with July’s index reading. Beyond the national index, 13 major metropolitan areas were analyzed for a more detailed view of regional housing trends.
Quebec City Leads, Prairies Show Sustained Strength
Quebec City (+12.4%) once again led all major markets, reflecting persistent undersupply and strong demand. Local REALTORS® highlight that market conditions remain constrained, with limited housing supply continuing to drive upward pressure.
Winnipeg (+9.8%) and Regina (+7.9%) also recorded notable increases. Both markets have faced supply pressure alongside rising population levels. Statistics Canada data shows Winnipeg’s population growth rate has more than doubled in recent years, while Regina has consistently grown faster than the national average.
Toronto, Vancouver, and Hamilton Remain in Decline
Three metropolitan areas posted annual decreases in August: Vancouver (-4.4%), Toronto (-4.3%), and Hamilton (-3.8%).
In Toronto and Vancouver, elevated condo inventory has remained a headwind for overall index performance. In Hamilton, the city’s role as a major steel producer leaves it more directly exposed to U.S. trade tariffs, which continue to present economic challenges.
Methodology
Why do house price indexes differ? Each provider may use different data sources, geographic coverage, property type definitions, and methodology. While composite values may vary across providers, the overall trends are generally consistent. Learn more about the RPS HPI methodology.
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This article provides a summary of the key trends from the August 2025 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.