Toronto home prices were hit harder than any other major Canadian city in 2025

Toronto home prices took the biggest hit out of any major Canadian city in 2025, according to new data which reveals the national housing market is slipping into a year-over-year decline for the first time after months of flat prices. 

Real estate platform Wahi and Canadian property valuation services provider Real Property Solutions (RPS) released their monthly House Price Index for November 2025, which tracks actual home values in more than 1,000 cities and towns across the country and shows how property values change over time. 

The national RPS-Wahi House Price Index fell one per cent compared with November 2024, marking the first annual decline in national home prices since mid-2023. Nationally, prices have softened across all property types, with condos seeing the sharpest drop (down six per cent year-over-year). 

To compare, detached home prices were unchanged, while row and townhouses saw a decline of one per cent, and semi-detached home prices fell two per cent. 

"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," said RPS-Wahi Economist Ryan McLaughlin.

Among the major Canadian cities included in the report, Toronto recorded the steepest annual decline, with home prices down five per cent compared with November 2024. 

This drop was larger than what was recorded in Vancouver, where prices fell four per cent year-over-year, and Hamilton, which saw a three per cent decline. Victoria also saw an annual decrease of one per cent, and became the fourth major Canadian market this year to record a year-over-year drop. 

Despite this, nine markets actually saw prices move in the other direction. Ottawa-Gatineau saw prices rise three per cent year-over-year, while Quebec City recorded the steepest growth among all of the cities analyzed, with prices up by 12 per cent.