The January 2026 RPS House Price Index declined 2% year over year at the national level, marking a slower start to 2026. Although the January reading represents the largest annual decline in two and a half years, most urban centres outside of the Toronto and Vancouver regions are showing signs of stability, or in some cases, even gaining momentum.
Alongside the national index, 13 major metropolitan areas were analyzed. Four markets recorded annual declines, reinforcing persistent regional divergence in housing trends.
Victoria Shows Sharper Annual Decline After Quiet Year-End
Victoria (-5%) remained one of four major metropolitan areas to record a year-over-year decline in January, alongside Toronto (-6%), Hamilton (-5%), and Vancouver (-4%). Victoria’s annual decrease intensified compared to the previous month, following what had been a relatively quiet end to 2025 for the western Canadian market.
Near-term activity is expected to improve for Victoria as the year progresses, which could support modest price growth. However, growth is expected to soften through 2027 and 2028 as slower population inflows and labour market challenges begin to reduce demand.
Quebec City and Prairie Markets Show Stronger Momentum
January’s results indicate that housing market conditions remain stable across most Canadian cities, with stronger performance concentrated in Quebec and several Prairie centres, even as the largest urban markets continue to pull the national index lower.
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 January 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.