The Kitchener-Waterloo area saw the biggest drop in home prices across the country last year and the Toronto area wasn’t far behind, a new study suggests.
Zoocasa, a real estate firm, released a price analysis on Monday comparing benchmark price data from the Canadian Real Estate Association (CREA) for 21 major markets across Canada to see where home prices have dropped the most since June – when they hit their peak nationwide at $760,600.
A number of cities across southern Ontario made the list, including the Greater Toronto Area, Niagara Region, Hamilton, Burlington, London, Kitchener and Waterloo.
The most dramatic drop nationwide – 8.9 per cent – since June was seen in Kitchener-Waterloo, with prices down to $708,600 in November and by 0.6 per cent since last year.
In the GTA, prices dropped 7.7 per cent since June, with the benchmark price down to $1,081,300, a 0.1 per cent decrease from a year earlier.
London, St. Thomas, Hamilton and Burlington benchmark prices also fell more than seven per cent since June, with Guelph trailing behind at 6.6 per cent. Meanwhile, prices in the Niagara Region dropped by nearly five per cent since June, dipping down to $635,400.
With a downturn in demand in these Ontario markets, prices have been able to stabilize closer to pre-pandemic levels.
Seven cities across Ontario saw the most significant percentage drops in benchmark prices for single-family homes, with the Kitchener-Waterloo area seeing the largest price decline at a 9.7 per cent drop since June 2023 to $802,900.
The same type of homes in Hamilton and Burlington also saw benchmark prices dip by 8.5 per cent since June, with November’s market seeing $864,200.
Single-family homes in the Greater Toronto Area also dropped by 7.8 per cent since June, with benchmark prices hovering at $1.29 million two
The post Ontario cities where real estate prices have been dropping since June first appeared on Insie Mesenza.