A new report has identified the Ontario cities where house prices have fallen the most

New homeowners may be “feeling the pain” of falling home prices in several Ontario cities, including Burlington, which fared worse compared to other Canadian cities over the past 12 months, according to a recently published report.

He Point2Homes Reportwhich reviewed condo and single-family home prices in Canada’s largest cities in 2022 and 2023, found that single-family homeowners in Burlington who bought in late 2022 lost about $163 each day for a year for a total of almost $60,000.

The median price of a single-family home in the city fell to $1,200,817 in 2023, down from $1,260,400 in 2022.

While Burlington was the “worst case scenario,” according to the report, several other Ontario cities also “regressed” in terms of single-family home values.

Homeowners in Markham lost approximately $154 each day, or $56,043 over the course of the year. In Mississauga, those figures were $114 per day and $41,740 per year. Those who purchased a single-family home in Kitchener at the end of 2022 lost approximately $109 each day, which equates to $39,850 over the course of the year, according to the report.

“Year-over-year changes in home prices in the country’s 67 largest cities show that single-family homeowners in 18 cities and condo owners in 26 cities have seen their homes lose value in the past year,” the report states. read.

“Before, real estate was the safest investment, but 2023 broke this unwritten rule.”

Condo owners saw an even worse scenario in 2023, according to the report.

“What is considered the most affordable housing option became progressively cheaper, putting condo owners’ capital hopes on hold,” the report says.

The largest losses in Ontario were seen in London, Ontario. and Mississauga, where condo prices fell six per cent and 5.8 per cent respectively. This means new condo owners in Mississauga saw their properties depreciate by approximately $36,000 year over year. In London, condo prices fell by about $22,600 year over year.

While condo prices in Toronto decreased 3.2 per cent, the report notes that the average price of a single-family home increased 0.4 per cent in Canada’s largest city year over year.

“Last year showed that a real estate investment can sometimes backfire. “This means that the new Canadian owners of these unfortunate cities may have to wait longer than others to generate wealth,” the report reads.

While there are early signs that prices are improving for single-family homeowners, it’s still unclear what 2024 will hold for condo owners, according to the report.

“Since real estate is a long-term investment, condo owners may simply be looking at a longer term to build capital,” the report concludes.

Here is a list of the Ontario cities with the biggest single-family home price declines (in percentage):

Kitchen: -4.9% ($-39,850)

Burlington: -4.7% ($-59,583)

Markham: -3.2% ($-56,043)

Mississauga: -3.1% ($-41,740)

Oshawa: -2.8% ($-23,451)

Brampton: -2.6% ($-28,797)

Milton: -2.4% (-$30,544)

Whitby: -2.2% ($-24,297)

Oakville: -1.7% ($-28,815)

Richmond Hill: -1.3% ($-23,576)

Here is a list of the Ontario cities with the biggest drops in condo prices (in percentage):

London, Ontario: -6% ($-22,600)

Mississauga -5.8% ($-36,600)

Barrie: -5.3% ($-28,000)

Santa Catarina: -4.1% (-$18,400)

Niagara Falls: -4.1% ($-18,400)

Hamilton: -3.3% ($-16,300)

Toronto: -3.2% ($-23,200)

Brampton: -3% ($-17,300)

Clarington: -3% ($-16,500)

Brantford: -1.4% ($-5,400)

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