National home prices in Canada declined in April, marking a notable shift amid the usual spring surge in real estate activity. According to data compiled by Wahi, a digital real estate platform, and Real Property Solutions (RPS), the average value of a Canadian home fell by 4 percent compared to the same month last year. This decline follows a period of relative stability in housing prices throughout much of 2025.

The downturn was particularly evident in several key urban markets, with three cities—Calgary, Hamilton, and Winnipeg—exhibiting distinct patterns influenced by local economic and supply factors.

In Calgary, housing prices dropped 1 percent year-over-year in April, ending a streak of steady gains that saw prices rise more than 10 percent during 2024 and early 2025. Realtor Amanda Ku attributed much of the softness to the condominium segment, which experienced an 11 percent price decrease, while detached home prices remained flat. Ku characterized Calgary’s condo market as a buyer’s market, contrasting with the more balanced conditions for detached homes. The increased condo supply has intensified competition in Calgary’s market, exacerbated by a surge in development projects redirected from Toronto after that city’s market weakened in 2022 and 2023. Many of these projects have recently reached completion, adding to inventory just as buyers face uncertainty from global economic concerns and U.S. trade policy.

Hamilton emerged as the worst-performing city nationally, with average home prices slipping 9 percent year-over-year in April, slightly larger than Toronto’s 8 percent decline. Wahi economist Ryan McLaughlin linked Hamilton’s market softness to challenges in the region’s manufacturing sector, including the impact of tariffs, as well as evolving return-to-work policies among major Toronto employers. Hamilton had previously seen rapid price increases during the pandemic, fueled by migration away from Toronto as remote work became widespread. At its peak in February 2022, Hamilton’s average home prices surged 31 percent, outpacing Toronto’s 24 percent increase. McLaughlin described the current downturn as a “long tail” effect from the pandemic-driven market distortion, with many businesses still gradually transitioning employees back to office settings.

In contrast, Winnipeg's housing market retained modest strength, posting a 2 percent increase in home values year-over-year in April. Royal LePage realtor Michael Froese described Winnipeg’s market resilience by analogy, saying, “If Toronto and Vancouver get sick, we just catch a cough.” While this growth is significantly lower than the 10 percent increase recorded just five months earlier, Froese characterized the current market as healthy and sustainable. He pointed to relatively low inventory levels and continued competition for desirable properties as signs of ongoing demand, despite broader economic uncertainties and the absence of major trade deals.

Together, these regional trends illustrate a shifting landscape in Canada's housing sector as it adjusts to evolving economic conditions and supply dynamics across the country.