In December 2025, the national RPS House Price Index continued to decline on a year-over-year basis, with weaker conditions increasingly evident in more urban centres. For the first time since mid-2023, home prices were down on an annual basis for detached, semi-detached, row and townhouses, and condo apartments. Alongside the national index, 13 major metropolitan areas were analyzed. While year-over-year declines persisted in a few large markets, most major Canadian housing markets continued to exhibit relatively stable conditions.
Toronto, Vancouver, Hamilton, and Victoria Remain in Decline
December marked another month in which Toronto (-6%), Vancouver (-4%), Hamilton (-4%), and Victoria (-3%) recorded year-over-year declines. These four markets were the only major metropolitan areas to end 2025 in negative territory.
While Victoria’s annual decline widened in December, the pace of depreciation remained more moderate than in Toronto and Vancouver, where downward pressure has been evident since April.
Quebec City Continues to Lead House Price Growth
Several regions continued to post strong annual gains despite broader economic uncertainty.
Quebec City (+12%) once again led the country, followed by Regina (+10%), Winnipeg (+9%), and Montreal (+8%), all of which maintained solid momentum through 2025.
Calgary (+2%) and Edmonton (+4%), which had been posting double-digit gains at the start of 2025, shifted to more stable conditions in the second half of the year. Price trends were similarly stable in Halifax (+2%), Ottawa-Gatineau (+2%), and Saskatoon (+4%), reinforcing the degree to which regional performance diverged across Canada’s housing market by year-end.
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 December 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.