Canadian home prices were flat in July as single-family properties began showing signs of weakness, joining the broader housing market slowdown, according to the latest RPS-Wahi House Price Index.
The index released Monday by Wahi, a Canadian real estate platform, and Real Property Solutions, a property valuation service provider, showed the condo slump in Toronto and Vancouver is getting worse, and a softening in the single-family segment is emerging.
“Since the Canadian housing market began falling from its peak in 2022, prices for single-family homes have generally held up better than for condos,” said RPS-Wahi economist Ryan McLaughlin. “While this is still the case by a large margin, we are now seeing single-family home prices flattening on an annual basis.”
At the national level in July, prices for both detached and row-townhouses were up just one per cent on a year-over-year basis, while semi-detached prices declined one per cent.
Condo prices remained down seven per cent overall, once again matching a 20-year low in terms of annual depreciation in a given month.
Two markets buck the trend
Quebec City continued to lead major markets for price appreciation. Home prices surged 13 per cent annually, with the local real estate board reporting that entry-level houses and condos are primarily responsible for growth.
Winnipeg trailed Quebec City at nine per cent.
“Demographic shifts could be contributing to the frothiness as the city’s relative housing affordability attracts homebuyers from elsewhere, straining supply,” said Wahi’s report.
For the first quarter in more than 20 years, Manitoba experienced a net gain of interprovincial migrants. More Canadians moved to Manitoba than left the province for elsewhere in the country in Q1 of 2025, according to Statistics Canada.
Hamilton, Toronto and Vancouver lag behind
Prices dropped five per cent in both Hamilton and Vancouver, while in Toronto they sank four per cent compared to year-ago levels, said Wahi.
“Hamilton, a significant producer and exporter of steel, has an economy that is particularly sensitive to tariffs,” reads the report. “Toronto and Vancouver, which boast diversified economies, are less exposed. In these markets, however, a sky-high supply of condos exerts downward pressure on prices.”
Prices for condos in Toronto and Vancouver posted the largest year-over-year declines in at least two years. Toronto saw condo prices decrease by 10 per cent annually, just edging out Vancouver’s nine per cent year-over-year decline.
