Home prices in Canada’s largest urban centres remained subdued in September, with Toronto and Vancouver both experiencing a 4% year-over-year decline. Meanwhile, more affordable markets in Quebec, Atlantic Canada, and parts of the Prairies are showing signs of renewed activity, according to the latest house price index report from real estate platform Wahi and Real Property Solutions.
“The national numbers are suggestive of a market on pause, though that’s certainly not the case in cities in Quebec and Atlantic Canada, as well as certain parts of the Prairies, which may be heating up more,” said Wahi economist Ryan McLaughlin. He noted that while prices have softened across property types, there remains a significant gap between ground-oriented homes and apartments.
The index, which analyzes monthly price data across 1,000 towns and cities, found that Quebec City and Winnipeg recorded year-over-year price increases of more than 10%, while markets in Regina, Edmonton, Victoria, Saskatoon, Calgary, Halifax, Montreal, and Ottawa-Gatineau also saw price growth. In Calgary and Edmonton, however, price appreciation has slowed from earlier double-digit highs due to a surge in new housing supply.
Hamilton home prices declined 3% year-over-year, with analysts suggesting U.S. steel tariffs may be weighing on the local market.
Condo prices have fallen steadily throughout 2025, with September’s 6% decline largely consistent with the trend observed since May. Semi-detached homes began to follow suit over the summer, though the pace of condo price drops appears to have stabilized for now. “The condo market didn’t appear to fare any worse off in September than it had over the summer, but that’s not necessarily a sign we’ve reached bottom,” McLaughlin said.
The Greater Toronto Area may soon see record numbers of condo completions, many of which began construction during the pandemic boom. McLaughlin cautioned that if a significant share of these units are listed for resale, inventory could increase further and put additional downward pressure on prices.
While Canada’s biggest cities are seeing price declines, smaller and mid-sized cities are emerging as relative bright spots in the housing market, driven by affordability and regional economic resilience.