Home prices have been dropping in Canada – and some Ontario regions have seen the biggest decline! – NOW Toronto

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Home prices in Canada are enough to make your eyes water, but on average, it looks like they are going down.

According to the Canadian Real Estate Association (CREA), the national average home price hit its 2023 peak of $760,600 in June. While that number is a little sickening, data shows that prices then started to drop off.

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In the following five months of 2023, average home prices began trending downwards, including in most major Canadian real estate markets, like Toronto, Vancouver, Ottawa and Winnipeg.

According to real estate listing site Zoocasa, one of the reasons for this is a slower real estate season, with sales tending to slow down in the colder months. However, high borrowing costs are also causing a dip in costs. 

Analyzing 21 markets across Canada, data shows that the Kitchener-Waterloo area saw the most drastic decrease in home prices, with the average price falling 8.9 per cent since June 2023 to $708,600 in November 2023. This was also a decrease of 0.6 per cent compared to the same time the year before. 

The London and St. Thomas region saw the second largest decrease between June and November, falling 7.8 per cent to an average of $577,400. However, this was an increase of 0.1 per cent year-over-year. 

The Greater Toronto Area had an average home price of $1,081,300 in November, a decrease of 7.7 per cent since June, and an increase of 0.1 per cent year-over-year. 

Hamilton-Burlington also saw a 7.7-per cent decrease, with the average home price settling in at $805,700. Prices were also down 2.5 per cent year-over-year. 

In Cambridge, the average home price fell 6.9 per cent to $725,100, while home prices in Guelph and the surrounding area saw a decrease of 6.6 per cent since June, and a 2.1 per cent year-over-year drop, for an average of $795,100. 

The Niagara Region has also seen prices fall since June. The average home price in November was $635,400, down 4.8 per cent since June, and 0.8 per cent year-over-year.

In Ottawa, home prices were down 3.6 per cent to $628,900. However, this is actually a 1.4 per cent increase year-over-year. 

Only three of the 21 analyzed markets did not see prices fall between June and November, including Calgary, Alberta, St. John’s, Newfoundland, and Saint John, New Brunswick. 

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