Some Ontario cities’ home prices have declined by almost a staggering 30 per cent, nearly double Toronto’s price drop since the February 2022 peak, according to a report from Desjardins.
While the focus is often on GTA real estate, as nearly half of home sales for the province happen in the region, some surrounding cities in the province saw greater home price increases from December 2019 to the February 2022 price peak. And therefore, greater“Home prices rose significantly in the GTA, but not nearly as much as they did in smaller Ontario communities or nationally for that matter,” the report said. “And these places are expected to continue seeing the biggest correction.
Leading up to the February 2022 peak, in the pandemic, more people from the GTA wanted to move to bigger homes with greater access to the outdoors. This pushed up home prices significantly in areas that typically didn’t see large volumes of activity. New Toronto real estate board data released last week reinforces this trend. It showed that average home prices in King, Ont., fell by $1 million from the market peak last year, from $3.2 million to $2.1 million.
“People are still working in a hybrid fashion or even entirely remote as there’s reluctance to come back into the office, especially for people who moved far away outside of Toronto,” he said.affordability crisisWhile affordability has long been an issue in the GTA, the report shows that other Ontario cities are suffering, Bartlett said.
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