The February 2026 RPS House Price Index fell 2% year over year at the national level, matching the annual decline recorded in January. While the headline figure is unchanged, there is a notable difference in the data: five major markets are now in negative territory, up from four in January. Markets with a higher concentration of condos, particularly those in B.C.’s Lower Mainland and the Greater Toronto and Hamilton Area, continue to drive much of that softness.
Alongside the national index, 13 major metropolitan areas were analyzed. Five markets recorded annual declines in February, with Ottawa joining Vancouver, Victoria, Toronto, and Hamilton in negative territory.
Ottawa Becomes the Fifth Market to Post an Annual Decline
Ottawa (-1%) has become the first major Canadian housing market outside of B.C. or the Greater Toronto and Hamilton Area to see home values fall on a year-over-year basis. In the first half of 2025, prices began to fall in the Hamilton (-6%), Toronto (-6%), and Vancouver (-4%) markets, with Victoria (-7%) joining them this past November. The last time five or more of the 13 major metro areas posted simultaneous annual declines was September 2023.
Despite the recent dip, Ottawa has generally been characterized by stability, and its market structure helps explain why the decline has been more modest than those seen elsewhere. The city benefits from steady employment anchored by a strong public-sector presence, and a larger share of its buyers are end-users seeking single-family homes rather than condo investors. Condos make up less than 15% of Ottawa’s housing stock, compared to roughly 25% in Toronto, limiting the city’s exposure to the investment-driven volatility that has amplified price swings in the GTHA and B.C.’s Lower Mainland. While approximately 34% of Ottawa’s condo apartments are investor-held, just below Toronto’s 38%, that segment represents a much smaller slice of the overall market.
Where Canadian Markets Are Still Gaining
February’s results confirm that housing market conditions remain broadly stable across most Canadian cities, with stronger performance concentrated in Quebec and several Prairie centres, even as the largest urban markets continue to weigh on the national index.
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 February 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.