The November 2025 RPS House Price Index declined 1% year-over-year, marking the first national decrease since mid-2023. This shift follows several months of flat readings in the Canadian housing market and reflects continued pricing declines across multiple property types, especially condos.
Alongside the national index, 13 major metropolitan areas were analyzed to provide a detailed view of regional conditions. The November results show more pronounced divergence between markets demonstrating resilience and those experiencing sustained downward pressure, with Victoria emerging as the fourth metro this year to post an annual decline.
Victoria Joins Hamilton, Toronto, and Vancouver in Price Declines
November marked a notable shift with Victoria (-1%) recording an annual decline, making it the fourth major metro to move into negative territory this year.
Victoria generally displays more stability and less volatility than many other markets, and recent sales activity has remained relatively steady. As with any single-month movement, it is important to avoid reading too much into one month of declining prices, as it is too soon to tell whether this trend will continue through to 2026.
Victoria’s 1% dip was not as pronounced compared to the more sustained declines in Hamilton (-3%), Vancouver (-4%), and Toronto (-5%), where downward pressure has been evident since April.
Quebec City and Winnipeg Continue to Lead Growth
Outside of Victoria’s November dip, regional price trends were generally consistent with previous months, with major cities in Quebec and several Prairie markets leading in terms of price appreciation.
Quebec City (+12%) and Winnipeg (+10%) continue to display the strongest gains. Better affordability relative to other metro areas and stronger economic and demographic fundamentals have supported home prices in these cities, as well as Regina (+7%).
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 November 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.