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 and extends to all property types.
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 as markets rebalance, though affordability remains a persistent challenge in many markets and especially B.C.’s Lower Mainland and southern Ontario.
Rebalancing in the Prairies
Calgary is the seventh of 13 major metro areas to experience an annual decline in prices and is symptomatic of a broader rebalancing underway in the Prairies region.
Notably, prices are flattening in Regina following a period of exuberance that began in late 2024 and continued through to the start of this year. Meanwhile, annual price growth is limited to between 1-2% in Edmonton, Saskatoon and Winnipeg. All of these markets were exhibiting strong price gains between 2024 and 2025.
However, a cooldown in pricing is not a sign of a regional correction. Calgary, Edmonton, Saskatoon, and Winnipeg each have sales-to-new listings ratios between 40 to 60%, indicating balance, while Regina remains favourable to sellers.
The pullback in pricing is also reflective of a slowdown in interprovincial migration to the Prairies, particularly Alberta, although population inflows remain above pre-pandemic levels.
B.C. and southern Ontario remain Canada’s weakest links
The steepest declines in April were once again distributed across B.C. and Ontario. Vancouver and Victoria saw home prices fall year-over-year by 5% and 8%, respectively, while Toronto and Hamilton both posted annual declines of 9%.
The embattled condo segment weighs heavily on each of these markets. Until investor sentiment improves, RPS anticipates high-rise units will remain a strong headwind, especially in the Greater Toronto Area, where condo values have plunged 11% year-over-year.
The HST rebate on new homes announced by the Ontario government late last month should help lift investor confidence overall in southern Ontario markets once full details of the program’s implementation are clarified.
However, the resale condo category is likely to have a lengthy road to recovery. This is due in part to record-high numbers of recently completed, unsold units flooding the Greater Toronto and Hamilton Area (GTHA).
In fact, this standing inventory totalled 4,295 new condos across the region in Q1, a fivefold increase over two years, according to Urbanation. That does not include the 8,629 unsold units currently under construction throughout the GTHA. Additional supply from these units amid a period of limited demand could further stifle condo-price growth over the medium term.
The situation is less dire on the west coast. The Lower Mainland is not oversaturated with a chronic oversupply of new units, and the market is also likely less dependent on investment activity, with a higher share of end users present.
Mixed results for the rest of Canada
Other notable trends last month include unwavering and strong appreciation in major markets in Quebec, and a cooling off of Halifax.
Quebec City home prices surged 13% on the shoulders of a stable job market and relative affordability. Cloudier labour prospects in Montreal are offset by a supply shortfall contributing to seller’s market conditions in the metro area. Reduced immigration levels might support more moderate growth over the longer term.
Halifax, which continued to experience sharply escalating prices post-pandemic, entered negative territory in recent months. This may be in part related to a sharp drop in international students, who likely attracted investor interest. With less competition over properties in Halifax, the market is returning to stability, closer to what is playing out in the Prairies rather than a correction such as those unfolding in B.C. and Ontario.
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 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.