Canada Home Values Drop 3% as Condo Correction Spreads
National home values declined 3% year over year in August. The downturn extended beyond Ontario and British Columbia into Alberta. Trade tensions and a widening condo slide weighed on buyer confidence across the country.
Canada's national home values fell 3% year over year in August. The RPS-Wahi House Price Index recorded this decline across 1,000 towns and cities. Trade tensions and a deepening condo correction drove the drop. The slide extended beyond southern Ontario and British Columbia into Alberta. This marked a broad-based retreat in the summer market.
Multi-family housing sustained the sharpest losses in the period. Row and townhouse values dropped 7% year over year. Condo prices declined 6% in the same timeframe. Detached and semi-detached homes each fell 3%. These segments showed a more contained slide than their multi-family counterparts. In several markets, detached home values remained in modest positive territory.
Southern Ontario leads the price retreat
The steepest declines concentrated in southern Ontario. Toronto and Hamilton each posted year-over-year price drops of 7%. The Toronto condo market showed few signs of recovery since early 2026. Oversupply and weakened rental demand weighed on investor-held units. Mortgage professionals cited a persistent glut with no near-term resolution.
British Columbia's outlook improved modestly relative to earlier in 2026. Vancouver and Victoria both registered declines of 3%. This represented a narrower contraction than the province endured in the first half of the year. Alberta, which faced pressure through much of 2025, edged back toward equilibrium. Calgary returned to flat with a 0% year-over-year change after a -1% reading in July.
Regional markets show divergent price trends
Prices fell in fewer than half of the 13 major metro areas monitored. This marked a modest improvement from earlier in the year. Quebec City continued to lead the country with values up 11% year over year. Chronic supply constraints sustained demand despite eroding affordability. Montreal and Regina each posted gains of 6%. These gains supported by relative affordability and tight inventory.
Saskatchewan's capital benefited from interprovincial migration and a limited new-build pipeline. This kept competition for existing stock elevated. The strongest regional markets outperformed national benchmarks throughout 2026. The data underscores that national averages increasingly obscure local realities. Where a client buys and what they buy now carries significant weight. The source GN auto markets/housing: housing prices highlights these fragmented trends.
