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Ontario Cities Hardest Hit By Housing Correction

Ontario Cities Hardest Hit by Housing Correction

Some Ontario homeowners may be feeling remorse after 2023 saw real estate prices fall (again) amid another round of interest rate hikes.

According to a recently released report by Point2Homes, single-family homes in Burlington that were purchased at the end of 2022 have depreciated by nearly $60,000. When it comes to condominiums, those in Mississauga have been hit hardest, losing an estimated $36,600 over the same time period.

While Burlington was the worst-case scenario for single-family homes, real estate in several other cities has taken a hit.

Here’s where home prices experienced the largest losses year-over-year in dollar amount.

1. Burlington –$59,583
2. Markham –$56,043
3. Mississauga –$41,740
4. Kitchener –$39,850
5. Milton –$30,544
6. Oakville –$28,815
7. Brampton –$28,797
8. Whitby –$24,297
9. Richmond Hill –$23,576
10. Oshawa –$23,451

Condo owners seemed to have fared worse than their single-family home counterparts. What is considered the more affordable housing option got progressively cheaper in 2023, which was good news for buyers.

Here are the cities that saw the biggest declines in condo prices over the same time period.

1. Mississauga –$36,600
2. Barrie –$28,000
3. Toronto –$23,200
4. London –$22,600
5. St. Catharines –$18,400
6. Niagara Falls –$18,400
7. Brampton –$17,300
8. Clarington –$16,500
9. Hamilton –$16,300
10. Brantford –$5,400