In April 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 4% on a year-over-year basis. This is the sharpest drop recorded by the index in any month since July 2023. The pace of annual declines has been deepening even as the spring market gets underway.
Markets that previously supported national price growth, including Calgary and Halifax, have now shifted into negative territory. Across the country, more regions are showing buyer-friendly conditions, though affordability remains a persistent challenge in most markets.
Home prices declined on a year-over-year basis in 7 out of 13 major metro areas analyzed alongside the national index.
Calgary Joins the List
Calgary (-1%) is the seventh and most recent major market to register an annual price decline. Rather than signalling a correction, the shift reflects a return to more balanced conditions after a period of rapid appreciation. Calgary entered last year with prices climbing more than 10%, making the latest price declines in the market look negligible. The market is recalibrating after a sustained run of outsized growth.
Maritime Momentum Cools
Halifax (-5%), which experienced some of the most dramatic price appreciation during the pandemic, continues to see prices slip on an annual basis. Reduced international student inflows may be tempering investment activity across the Maritimes, easing some of the out-of-province demand pressure that defined recent years. For local buyers who had been pushed to the sidelines, the shift could open a window to re-enter the market.
Where Prices Are Holding
Not every market is moving in the same direction. Quebec City (+12%) led the country for annual gains, followed by Montreal (+8%). Saskatoon (+2%) and Winnipeg (+2%) each posted modest growth, while Edmonton (+1%) edged up and Regina (0%) held flat.
At the other end of the spectrum, Hamilton (-9%) recorded the steepest decline, with Toronto (-8%) and Victoria (-8%) close behind, and Vancouver (-5%) and Ottawa-Gatineau (-5%) rounding out the markets in negative territory.
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 April 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.