In March 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, declined by 3% on a year-over-year basis. This marks a slightly steeper annual decline than the 2% drops recorded in both January and February, reflecting a broadening of regional price reductions across the country. As the Canadian housing market undergoes a recalibration, macroeconomic uncertainty and evolving geopolitical conditions add complexity to any near-term outlook.
Thirteen major metro areas are analyzed alongside the national index. In March, a sixth major market entered negative territory.
Halifax Becomes the Sixth Market to Post an Annual Decline
Last month, Ottawa-Gatineau became the fifth major urban centre to post an annual price decline. Halifax has now followed suit, posting a 2% year-over-year drop in March. The market appears to be returning to more balanced conditions rather than signalling the start of a sharper downturn, a pattern consistent with other markets that have cooled from elevated price levels in recent months.
Prairie Markets Find a New Footing
Over the past several months, previously high-flying markets across the Prairies have seen their earlier price gains narrow considerably. Edmonton (+1%), Calgary (+1%), Saskatoon (+2%), and Regina (+2%) have all pulled back from the stronger growth rates that characterized these markets in recent years, returning to more normalized conditions. Calgary was Canada’s hottest housing market as recently as 2024. Active listings have been climbing, though the total number of properties for sale remains below year-ago levels.
Quebec Widens the Gap
The divergence between Quebec and the rest of the country has only grown more pronounced. Quebec City (+12%) and Montreal (+9%) continue to post the strongest price growth of any major markets in Canada, standing in sharp contrast to ongoing declines across B.C.’s Lower Mainland and the Greater Toronto and Hamilton Area.
Vancouver (-5%), Toronto (-7%), Hamilton (-8%), and Victoria (-9%) remain under sustained downward pressure, weighed down by heavier exposure to condo investment that has yet to find its footing.
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 March 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.