In June 2026, the national RPS House Price Index, which is based on the latest monthly actual home values in 1,000 towns and cities across the country, was down by 3% on a year-over-year basis. The decline is consistent with price movement that has been observed through the first six months of the year.
Similarly, seven out of the 13 markets that RPS analyzed in addition to the national index were once again exhibiting softer dynamics, with prices down year-over-year. These price adjustments ranged from -8% in the Toronto and Hamilton metros to -1% in Calgary. The disparity between these markets speaks more broadly to overarching regional trends. Namely, condo-saturated urban markets and their environs continue to see the largest declines, while certain previously scorching markets in the Prairies have transitioned from strong gains to modest decreases.
The Real Effects of Economic Uncertainty
At the national level, the Canadian housing market’s performance has been anomalous given where we stand in the current interest rate cycle. Within the historical context, interest rates have stabilized at a low level. Yet the national RPS House Price Index continues to slide, driven primarily by B.C. and Ontario markets. This is in contrast to what occurred during previous rate-cutting cycles. For example, from peak to trough the overnight rate fell from 1.75% to 0.25% during the early days of the pandemic. The market responded with a surge in homebuying activity and prices. This pattern also played out — albeit to a more tempered degree — amid the previous cycle, so it is not unique to the unprecedented global pandemic.
One key difference today is the economic uncertainty specifically stemming from trade tensions between Canada and the U.S. Recent consumer survey results suggest that this economic uncertainty is deterring would-be homebuyers, and independent analysis from RPS also supports this notion.
In the months following the first announcement of new U.S. tariffs on Canadian imports last year, RPS examined home price trends in 19 markets that the Canadian Chamber of Commerce had deemed the most vulnerable to the volatile trade policy. At the time, eight markets were already beginning to see prices flatten or decline. By this June, that number had climbed to 12, with two others roughly flat. Although some of these markets, such as Barrie and Peterborough, are satellites of the Toronto metro area — and consequently influenced by pricing trends there — others are in entirely separate regions. For instance, in Windsor, prices were flat after tariffs began making headlines, and they were down 6% in June.
Prices decline in 7 out of 13 major metros in June
Home price growth in Canada is now limited to large metro areas in Quebec as well as some secondary markets in the Prairies. Quebec City (+10%) and Montreal (+7%) are leading the charge, followed by Saskatoon (+5%) and Winnipeg (+5%). All of these markets boast relatively more attainable home prices compared to local incomes. However, supply shortages are driving values higher. A longer-term concern is eroding affordability in these markets that could begin to crimp homebuying activity.
Pricey markets in Ontario and B.C. have already seen the effects of this. Prices are still declining in the Greater Toronto and Hamilton Area (-8%) as well as Vancouver (-4%) and Victoria (-6%). Among these markets, Victoria is the least impacted and the closest to balance. Until as recently as late last year, values had been climbing. At the time, corrections — spearheaded by the overextended condo segment — were well underway across the other three markets.
Condo softness is contributing to the national declines by property type. As has been the case over the past year, the pace of depreciation for multi-family home values significantly surpasses that of single-family homes. Prices for row/townhouses (-8%) and condo apartments (-7%) are declining by a sizable margin compared to semi-detached (-4%) and detached (-3%) homes.
Toronto’s condo correction is of a greater magnitude than Vancouver’s, RPS data confirms. At the beginning of the year, the index reading for Toronto condos had fallen below pre-pandemic levels, heightening risks for lenders as a steady stream of pre-construction units purchased at the peak of market are being completed. In Vancouver, the market is less exposed to risks. While condo values are far from the Covid-19 peak, they are still elevated from where they stood in January of 2020.
About the RPS House Price Index (HPI)
The RPS House Price Index is the most comprehensive source for house price data in Canada and includes the median house price dollar values and extensive additional data by property type from a national to the local level. For more information, the complete methodology is available.
Long-Term Price Trends
The RPS House Price Index is based on the latest monthly actual home values in 1,000 towns and cities across the country.
The index shows how property values have changed over time, relative to a base period (Jan. 2005 = 100). An HPI value of 300 means property values have tripled (on a smoothed, adjusted basis) since 2005.
The HPI does not indicate the actual price of a property. It demonstrates how prices have moved relative to the base period.
Market Momentum
A rising index indicates an upward price trend. A falling index suggests price softening or correction. Since the HPI smooths noise and filters out outliers, it gives a more stable, reliable picture of pricing trends than monthly medians.
The HPI is based on an up-to-six-month rolling average, so it does not reflect short-term volatility, such as one-off surges in prices from luxury sales. All figures are rounded to the nearest whole number.
Access the RPS House Price Index Data
This article provides a summary of the key trends from the June 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.