Housing price index declines in Canada for first time since 2023: report

Canada’s national house price index declined last month for the first time since 2023.

The monthly house price index for November 2025 is out from real estate platform Wahi and property valuation service company Real Property Solutions.

In November, the national price index — which is based on the latest monthly actual home values in 1,000 towns and cities across the country — registered a year-over-year decline after several consecutive months of flat prices.

The index last month was down one per cent relative to November 2024, marking the first time since mid-2023 that national home prices declined on an annual basis, the report states.

The overall decline comes as the Canadian housing market continues to see pricing softness across all property types.

Declines in condo prices, down six per cent year-on-year, once again outpaced what was observed in the single-family segment by a large margin. Prices were unchanged from a year ago for detached homes, down one per cent for row/townhouses, and two per cent for semi-detached homes.

“While we’ve seen increased downward pressure on single-family home prices nationally, across most of Canada’s largest urban centres, pricing for these housing types remains up or roughly flat relative to last year,” RPS-Wahi economist Ryan McLaughlin said.

Canada’s largest markets account for the lion’s share of housing activity, weighing on the national index readings, he added.

This November, Victoria became the fourth market this year to see annual price declines among the 13 cities that were analyzed, in addition to the national index. However, the one per cent dip in year-over-year prices in Victoria wasn’t as pronounced as the sustained declines observed in Hamilton, Toronto and Vancouver for much of the year.

It’s too soon to tell whether this trend will continue through to 2026, McLaughlin noted.

“I’d caution against reading too much into one month of declining prices,” he said.

See the full report here.