The August 2025 RPS House Price Index showed no year-over-year change at the national level, consistent with July’s index reading. Beyond the national index, 13 major metropolitan areas were analyzed for a more detailed view of regional housing trends.
Quebec City Leads, Prairies Show Sustained Strength
Quebec City (+12.4%) once again led all major markets, reflecting persistent undersupply and strong demand. Local REALTORS® highlight that market conditions remain constrained, with limited housing supply continuing to drive upward pressure.
Winnipeg (+9.8%) and Regina (+7.9%) also recorded notable increases. Both markets have faced supply pressure alongside rising population levels. Statistics Canada data shows Winnipeg’s population growth rate has more than doubled in recent years, while Regina has consistently grown faster than the national average.
Toronto, Vancouver, and Hamilton Remain in Decline
Three metropolitan areas posted annual decreases in August: Vancouver (-4.4%), Toronto (-4.3%), and Hamilton (-3.8%).
In Toronto and Vancouver, elevated condo inventory has remained a headwind for overall index performance. In Hamilton, the city’s role as a major steel producer leaves it more directly exposed to U.S. trade tariffs, which continue to present economic challenges.
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 August 2025 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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For more granular insights, including city and FSA-level data across five core property types, the Enterprise version of the RPS House Price Index provides the depth needed to identify where above-average gains are emerging and where cooler conditions are taking hold.
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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.