Canadian home price growth slowed slightly in June 2025, with the national RPS House Price Index rising 0.8% year-over-year, down from 1.1% in May. While price growth continues to ease, the rate of change has moderated compared to earlier in the year.
While the national pace of growth remains subdued, several local signals suggest that some of Canada’s hardest-hit markets may be starting to turn a corner.
The Toronto Regional Real Estate Board reported a seasonally adjusted increase in sales alongside a decline in new listings in the Greater Toronto Area, an early indication of tightening conditions. Similarly, the Greater Vancouver REALTORS® reported year-over-year sales remained down in June, but the annual decline narrowed significantly compared to May. Both observations hint at a possible shift in buyer activity and sentiment.
At the same time, national consumer confidence showed a slight improvement in June according to Ipsos’ Global Consumer Confidence Index, reflecting broader, but still cautious, optimism in the housing market.
Toronto, Vancouver, and Hamilton Continue to Lag
Despite signs of recovery in activity, Toronto, Vancouver, and Hamilton continued to experience year-over-year index declines, highlighting the challenges still facing Canada’s most expensive markets.
The sustained downturn in Toronto and Vancouver remains closely tied to prolonged condo market weakness. In Vancouver, the number of units reaching completion from pre-sale cycles continues to increase inventory and apply downward pressure on values.
In Hamilton, where home sales hit a 15-year low in June, the housing market remains highly sensitive to trade developments. As Canada’s largest steel-producing city, Hamilton ranks among the most exposed to U.S. tariffs, according to the Canadian Chamber of Commerce’s U.S. Tariff Exposure Index.
Quebec and the Prairies Continue to Lead
Markets such as Quebec City, Winnipeg, and Regina led national growth in June. According to the Canadian Chamber of Commerce, these regions rank among the least exposed to U.S. tariffs and tend to be more affordable, with demand continuing to outpace supply.
In total, 10 of the 13 major markets tracked by the RPS House Price Index posted positive year-over-year price growth in June.
Growth Holds, But Pressures Remain
While national price growth edged slightly lower in June from May, all 13 metro areas saw slower or flat year-over-year growth compared to earlier in the year. Persistent affordability constraints, condo market imbalances, and external economic pressures continue to shape market conditions across the country.
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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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.