Some small towns in Ontario experienced a surge in home prices to unprecedented levels in 2021. However, the tides have since turned, and property values in these towns are beginning to decline.
As the pandemic pushed city-dwellers to seek larger and more affordable living spaces outside of Toronto, some small towns in Ontario experienced a surge in home prices to unprecedented levels in 2021. However, the tides have since turned, and property values in these towns are beginning to decline.
Amid the pandemic, the desire for more space when working and educating children from home pushed Ontarians further afield. This unprecedented demand subsequently drove up house prices as well. The report's authors write that, while housing affordability has eroded all over Canada in recent years, Ontario has been the hardest hit, leading to an uptick in residents moving to other provinces.
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