In July 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, was down by 3% on a year-over-year basis. The pace of annualized price depreciation has been steady since January.
As trade tensions with the U.S. simmer, price recovery across major Canadian housing markets appears to be on hold. Once again, seven of the 13 metro areas that RPS analyzed alongside the national index were down. Declines ranged from -8% in the condo-heavy Toronto market to -1% in the recently restabilized Calgary market.
Canada’s condo correction is a work in progress
Unsurprisingly given the condo downturns not only in southern Ontario but also B.C.’s Lower Mainland and even Calgary, the sharpest price deterioration is in the multi-family segment. Canada-wide, row/townhouse values declined by 8% on a year-over-year basis in July, followed by condos (-6%) and semi-detached homes (-4%). Detached home values have settled into more modest declines (-3% in July).
Several factors are supportive of a multi-family market rebound over the medium-term. Affordability has improved, interest rates are stable and significantly lower than the post-pandemic peak, and the pipeline of new projects under construction has substantially fallen off, particularly in the condo correction epicentre of Toronto.
Throughout the Greater Toronto and Hamilton Area in Q2, fewer than 50,000 new units were either under construction or in the pre-sale phase. That represents a 62% dive from the 2022 high. Fewer new homes coming to market tees up tighter supply conditions looking ahead. As prices are a lagging indicator, a sustained and meaningful increase in sales activity in B.C. and Ontario is a prerequisite for future gains on the national index. At present, condo sales activity in southern Ontario and the Lower Mainland remains depressed. This suggests a pricing rebound is most likely a story for 2027 or 2028 at the soonest.
7 out of 13 major metros record declines in July
Amid a sea of flattening or falling home prices, two metro areas in Quebec stand out: Quebec City, where prices were up 11% on a year-over-year basis in July, and Montreal (+6%). Prices have also been firmer in secondary markets in the Prairies, such as Saskatoon (+4%), Regina (+3%), and Winnipeg (+4%).
The markets that are bucking the national headline figure trend are generally more affordable metro areas with sustained demand from resilient labour sectors and supply levels insufficient to meet the resultant demand.
Real estate markets in export-based economies roiled
Although the majority of major metro markets tracked by RPS are in negative territory, outside of southern Ontario and, to a lesser extent, B.C., declines are mostly modest and, as in the case of Calgary, symptomatic of restored balance rather than an acutely corrective trend. However, outside of Canada’s largest city centres — which typically have more diversified economies buffering the worst effects of tariffs and related turmoil — some export-dependent markets appear to be feeling the pinch.
Early on in the trade imbroglio, RPS began tracking home price movement in the 19 markets that the Canadian Chamber of Commerce flagged as having the highest exposure to stateside tariffs. At the onset of 2025, all 19 were growth markets. Since then, 12 have flipped into the negative. The strongest rates of depreciation were observed in Brantford, Ont. (-10%), Barrie, Ont. (-10%), and Abbotsford, B.C. (-9%).
The effects of current tariffs and the ongoing negotiations surrounding the Canada-United States-Mexico Agreement (CUSMA)— as well as the resultant economic uncertainty — are taking a heavier toll on these secondary and tertiary markets overall. Concerns over local labour markets tend to erode homebuying sentiment and activity.
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 July 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.