Five major cities see annual home price declines in Canada

Five major Canadian cities are now seeing year-over-year home price declines.

While still higher than 2019 prices, the national home price continues to see declines compared to one year ago.

National home prices fell two per cent year-over-year in February, matching the decline observed in January, Wahi, a Canadian real estate platform, and Real Property Solutions, a Canadian provider of property valuation services, said in their latest House Price Index report.

However, the latest report found that five major Canadian housing markets of the 13 major metro areas analyzed are now experiencing annual price declines.

Ottawa has joined four other major cities—Hamilton (down six per cent), Toronto (down six per cent), Vancouver (down four per cent) and Victoria (down seven per cent)—with a year-over-year decline.

Ottawa is the first major city outside of British Columbia and the Greater Toronto and Hamilton Area to see home values fall on a year-over-year basis.

Prices slipped one per cent year-over-year in February in the nation’s capital. Hamilton, Toronto, Vancouver and Victoria home prices have been trending downward for many months, Wahi said.

Ottawa’s shift into negative territory highlights how housing market trends are becoming more mixed across Canada, with price softness concentrated in major markets with larger condo sectors, while many other regions remain comparatively resilient, the report noted.

On the other end, four other major cities—Quebec City (up 13 per cent), Montreal (nine per cent), Winnipeg (seven per cent), and Regina (four per cent) continue to show stronger price momentum.

“Price drops may grab headlines, but these declines potentially overshadow the fact that home prices remain up relative to where they stood a year ago in a majority of Canada’s major housing markets,” notes Wahi economist Ryan McLaughlin. “Not only that, but several markets in Quebec and the prairies continue to show strong price growth.”

Among housing types, condo prices remain the weakest segment, down five per cent nationally, with the trend holding steady since late 2025.

Row/townhouses also declined five per cent, while semi-detached homes fell three per cent and detached homes dropped two per cent.

See the full House Price Index report for February 2026 here.

Lead photo: Erik Mclean