The September 2025 RPS House Price Index remained unchanged on a year-over-year basis, mirroring August’s national reading. Beneath this headline stability, regional conditions continued to diverge, with affordability, local supply, and population trends shaping results across the country. Thirteen major metropolitan areas were analyzed alongside the national index, showing a clear divide between markets maintaining momentum and those still cooling.
Quebec City and Winnipeg Continue to Lead
Quebec City (+13%) continued to lead with the strongest annual increase among major metros, supported by tight supply and resilient buyer demand.
Winnipeg (+11%) and Regina (+9%) followed, where affordability and population growth continued to drive housing demand. Both markets have seen consistent price growth through 2025, even as conditions in higher-cost regions remain subdued.
Several other markets also recorded continued annual increases:
Cooling in Alberta’s Major Markets
Inbound migration to Alberta has supported the province’s housing markets in recent years, though both Calgary (+3%) and Edmonton (+5%) are now cooling from historic price growth highs earlier in 2025. A surge in new home construction, up roughly 32% in Calgary and 29% in Edmonton year-over-year during Q2, has helped expand inventory, giving buyers more choice and easing upward price pressures.
This stands in contrast to Toronto (-4%) and Vancouver (-4%), where housing starts have declined amid weaker demand and elevated resale supply. Conditions are particularly challenging in the condo segment, underscoring the varied conditions shaping Canada’s housing landscape.
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 September 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.