Housing prices are dropping - but not everywhere

By Gazette Staff

February 18th, 2026

BURLINGTON, ON

Wahi, a Canadian real estate platform, and Real Property Solutions (RPS), a provider of property valuation services, today released their monthly house price index for January 2026.

According to the latest data — Canada’s most comprehensive and timely measure of home prices — national home prices were down 2% year-over-year, marking the largest annual decline since July 2023.

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Highlights from the January report include:

• Toronto (-6%), Hamilton (-5%), Victoria (-5%) and Vancouver (-4%) posted annual price declines, with Victoria’s house prices dipping another 2% compared with the previous month.
• Quebec City (+14%), Regina (+11%), Montreal (+9%), and Winnipeg (+8%) were the strongest performing markets, leading the country in year-over-year growth. Relative affordability, resilient employment conditions, and favourable demographic trends continue to support demand in these centres
• Prairie market momentum remains positive, with Calgary (+2%) and Edmonton (+4%) cooling from earlier double-digit gains
• Condo prices continued to lead declines, falling 5% nationally, driven in large part by persistent weakness in Toronto and Vancouver, compared with a 1% drop in detached homes, a 3% decline for semi-detached, and a 4% dip for row/townhouses

These price trends highlight how differences in affordability and supply conditions continue to drive diverging outcomes across Canada’s housing markets, with Toronto and Vancouver weighing on national figures while many other regions remain comparatively resilient.

You can access the full RPS-Wahi House Price Index for January (and past reports),  including detailed charts, here.