Canada real estate market: Ontario Cities See Significant Decline in Home Prices



A recent Zoocasa report reveals a sharp drop in single-family home prices across Canada, with Ontario cities experiencing the largest declines. Find out more about the latest real estate market trends.

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Home prices have experienced a significant decline in real estate markets across Canada, particularly in Ontario cities, according to a recent report by real estate site Zoocasa. The report analyzed benchmark price data from 21 major markets and found that single-family home prices have dropped across the board, with the largest declines observed in Ontario. In just five months, the majority of Canadian real estate markets have seen a decline in benchmark price by more than three per cent, with some markets falling below last year's prices.


Canada real estate market: Ontario Cities See Significant Decline in Home Prices

Ontario's real estate market saw the largest drops in single-family home prices, with cities in the province notching the seven biggest price declines. Hamilton and Burlington followed closely behind, experiencing an 8.5 per cent price drop between June and November 2023, landing at a benchmark price of $864,200.

Despite the significant price declines in Ontario, the report also highlighted opportunities for homebuyers in other, more affordable Canadian markets. Regina, for example, saw the largest year-over-year price decrease at 3.2 per cent, with homes reaching a benchmark price of $321,400 in November 2023.

However, not all Canadian markets experienced a decline in home prices. Calgary, St. John's, N.L., and Saint John, N.B. were the only three markets that did not see a drop in prices between June and November. Calgary, in particular, saw a significant increase in home prices, with a 10.5 per cent growth since November 2022, reaching a benchmark price of $557,400 in November 2023.

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In addition to the decline in single-family home prices, Zoocasa noted a constant demand for more affordable types of housing, resulting in a smaller decline in condo prices compared to single-family homes. Condo prices grew in nine cities over the assessed period, with the largest annual price increases observed in Saint John, N.B., and St. John's, N.L. Calgary and Halifax-Dartmouth also saw significant annual price increases for condo units.

The real estate market in Canada has experienced a significant decline in home prices, particularly in Ontario, while opportunities for homebuyers can be found in other, more affordable markets. The demand for more affordable housing has also resulted in a smaller decline in condo prices compared to single-family homes, with certain cities experiencing significant price growth for condo units.

Canada real estate market: Ontario Cities See Significant Decline in Home Prices

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