The October 2025 RPS House Price Index showed no year-over-year change at the national level, consistent with recent months. However, the single-family segment showed additional signs of cooling, with detached home values levelling off after months of modest annual gains. This marked the first time in more than two years that all tracked property types were either unchanged or declining on a year-over-year basis.
Beneath the stable national reading, regional performance continued to diverge. Of the 13 major metropolitan areas analyzed alongside the national index, 10 recorded year-over-year increases in October, including strong gains in several Prairie and Quebec markets.
Winnipeg Matches Quebec City as Canada’s Hottest Housing Market
Quebec City (+11%) and Winnipeg (+11%) were the strongest-performing markets in October. Relative affordability and regional economic trends continue to shape demand in both cities. In Quebec City, a shift in new construction toward purpose-built rentals has limited additions to the ownership housing inventory, intensifying competition for available homes. Winnipeg’s tight rental environment may be encouraging some households to transition to ownership.
Montreal (+7%) and Regina (+7%) also recorded notable year-over-year gains. Regina was the only major market to see its pace of annual growth accelerate compared to September. Demand has remained resilient, supported by accessible price levels and steady population gains.
Prairie and Atlantic Markets Maintain Momentum
Several Prairie and Atlantic markets continued to show steady price growth in October.
Calgary and Edmonton, which had previously led national growth in January of this year, are now returning to more balanced conditions. Victoria posted a 1% rise, edging closer to flat annual movement.
Ontario and B.C. Markets Continue to Face Downward Pressure
Hamilton (-3%), Toronto (-4%), and Vancouver (-4%) remained in negative territory for annual price growth. These markets continue to face softer demand and elevated inventory levels, which has placed downward pressure on overall index trends. Detached homes in these regions also saw year-over-year declines, reinforcing the soft conditions.
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 October 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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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.