The February 2026 RPS House Price Index fell 2% year-over-year at the national level, matching the annual decline recorded in January. Markets with a higher concentration of condos, particularly those in B.C.’s Lower Mainland and the Greater Toronto and Hamilton Area, continue to drive much of that softness.
While the headline figure is unchanged, there is a notable difference in the latest data. Alongside the national index, RPS analyzed 13 major metropolitan areas. Five markets recorded annual declines in February, up from four previously.
Ottawa becomes the fifth major market to post an annual decline
Ottawa (-1%) has become the first major Canadian housing market outside of B.C. or the Greater Toronto and Hamilton Area to see home values fall on a year-over-year basis. In the first half of 2025, prices began to fall in the Hamilton (-6%), Toronto (-6%), and Vancouver (-4%) markets, with Victoria (-7%) joining them this past November. The last time five or more of the 13 major metro areas posted simultaneous annual declines was September 2023.
Despite the recent dip, Ottawa has generally been characterized by stability, and its market structure helps explain why the decline has been more modest than those seen elsewhere. The city benefits from steady employment anchored by a strong public-sector presence, and a larger share of its buyers are end-users seeking single-family homes rather than condo investors. Over the long term, urban land-use policy in the Ottawa metro area has delivered a relatively high proportion of single-family homes, assuaging demand-side.
Condos make up approximately 15% of Ottawa’s housing stock, compared to about a quarter of overall homes in Toronto, limiting the former’s exposure to the investment-driven volatility that has amplified price swings in the GTHA and B.C.’s Lower Mainland. While approximately 34% of Ottawa’s condo apartments are investor-held, just below Toronto’s 38%, that segment represents a much smaller slice of the overall market. The knock-on effects of broadly weak investor sentiment should therefore be felt less in Ottawa.
Secondary markets outperform in the Prairies
In the ongoing recalibration of the Prairies, where balance is returning to the formerly frothy markets of Calgary (+2%) and Edmonton (+3%), the region’s historically calmer secondary cities are picking up the slack. They continue to witness more robust price gains. In particular, Winnipeg (+7%) but also Regina (+4%). Healthier affordability — especially for single-family homes — feeds demand from end users in both markets. The labour situation in Saskatchewan, which has among the lowest unemployment rates in the country, is supportive of homebuying activity and, consequently, further price appreciation.
Runaway gains in Quebec continue
Quebec City’s (+13%) multi-year fiery streak continued in February. It led all 13 major metro areas for year-over-year price growth. Quebec City home prices have been posting consecutive annual percentage increases of upwards of 10% in each month since mid-2024. Rock-solid fundamentals continue to underpin value appreciation in the province’s capital. Sustained price growth has eroded affordability, but not enough to quell ebullient demand from homebuyers. In fact, supply levels recently reached historic lows in Quebec City.
Price declines consistent for condos
Condos (-5%) weigh heavily on the national index, although the pace of annual depreciation for condos has been consistent since late 2025. So while values are declining, the condo correction — which is primarily unfolding in the investor-sensitive high-rise segment — is not intensifying. Row/townhouses (-5%) matched condos in February, in line with the overall trend of denser housing types faring worse in the current economic climate. Conversely, detached (-2%) and semi-detached houses (-3%) experienced less pricing volatility. All else equal, these more muted declines do nonetheless suggest that softer conditions for single-family homes are emerging overall. Detached home prices, for example, were roughly flat on a year-over-year basis as recently as late last year.
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 February 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.