Ontario Housing Prices Have Dropped A Ton In These Cities & The Term 'Crash' Is Being Used
These cities have shed the most weight.👇
The CN Tower in Toronto. Right: An aerial shot of Oakville.
To say that COVID-19 slightly nudged Ontario's housing prices in favour of sellers would be the understatement of the year. Things were bleak. But the pendulum appears to finally be swinging the other way.
According to housing news outlet Better Dwelling, Ontario recorded the "largest percentage point drop from peak" in all of Canada in 2022, with declines steep enough to be considered a "crash" in some markets.
For example, the value of single-family homes fell by a whopping 27.7% in Kitchener-Waterloo. Cambridge and London-St.Thomas followed closely behind with drops of 27.0% and 26.7%, respectively.
The sizeable dip in value resulted in a total equity loss of $223,600 for the areas, which given how pricey they were at their peak, makes sense.
Ontario also recorded the most significant decline in dollar terms, with Oakville—Milton dropping by a whopping $478,600. Single-family homes in the area shed a quarter of their value in just a few months. Yikes.
Other regions to record massive money dips included Mississauga, which shed $376,000, and Fraser Valley, B.C., $369,800.
Those looking to build a future in Toronto also received a glimmer of hope, with the city recording the fourth-largest price drop in dollar terms.
"The benchmark price has dropped -20% since peaking, which is a drop of $320,200 in just nine months," Better Dwelling reports.
"That's an average decline of $35.5k per month since February—and officially makes it enough to be considered a crash. Though the market as a whole is just a few points shy of being considered a total crash."
This article's cover image was used for illustrative purposes only.