Home prices across Canada fell nationally year over year in March, according to the latest RPS-Wahi House Price Index. The index, which tracks more than 1,000 markets nationwide, recorded a three per cent decline compared to March of the previous year. This downturn was driven by price decreases in six of the country's 13 largest metropolitan areas.
Major Markets in Decline
Among the cities experiencing year-over-year price drops, Victoria led with a nine per cent decrease, followed by Hamilton at eight per cent, Toronto at seven per cent, Vancouver at five per cent, Ottawa at three per cent, and Halifax at two per cent. Halifax joined the list of declining markets for the first time in March, following Ottawa's entry in February.
Growth in Other Regions
Despite the national decline, seven major cities posted year-over-year price gains. Quebec City saw the strongest growth at 12 per cent, followed by Montreal at nine per cent, Winnipeg at four per cent, Regina and Saskatoon at two per cent each, and Edmonton and Calgary at one per cent each. However, the weight of Toronto and Vancouver, Canada's largest housing markets, pulled the national index downward.
Housing Type Performance
By housing type, condominium apartments continued to see price declines, falling six per cent year over year. Townhomes experienced the steepest percentage drop at seven per cent. Detached and semi-detached homes also declined, with semi-detached down four per cent and single-family detached down three per cent. This marks a shift from the fall, when apartment condominiums led all housing types in percentage declines.
