The housing market in Ontario has been a hot topic for many aspiring homeowners as well as those hoping to sell in this economy.
That’s why Desjardins recently published an in-depth housing analysis to help shape the recent conversation surrounding housing in Canada.
According to the data, Ontario had the biggest decline in prices of any province since February 2022, when the market peaked all over the country.
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“Even within Ontario, there is significant variability across communities. Given nearly half of existing home sales take place in the Greater Toronto Area (GTA), that market tends to garner the most attention,” the report said.
Ontario also experienced the largest home price correction so far, which refers to prices dropping back to levels seen before the pandemic.
B.C. and Prince Edward Island followed closely behind.
The report further states that during the pandemic, it was surrounding communities outside the GTA that saw the biggest changes to home prices.
“Home prices rose significantly in the GTA, but not nearly as much as they did in smaller Ontario communities or nationally for that matter. And these places are expected to continue seeing the biggest correction,” reads the report.
Additionally, data from the Canadian Real Estate Association shows local average home price growth by cities in the province, and Windsor saw the highest peak percentage for January 2023, while Toronto saw the lowest.
“While affordability in Canada’s most populous province is expected to improve as home prices continue to fall and borrowing costs ultimately come down, we don’t anticipate that it will return to its pre‑COVID level by the end of 2024,” the report continued.
