Where Home Prices are Expected to Drop Most

The entire country has seen home prices fall dramatically over the past year since the Bank of Canada started its aggressive hike of interest rates.

Ontario has experienced some of the largest price drops, though there is great variability across the province.

Home prices rose significantly in the Greater Toronto Area during the pandemic, but not nearly as much as they did in smaller communities. Unsurprisingly, these places are forecasted to see the biggest market correction.

Here’s where home prices are expected to land at the end of 2023, for the top 40 hardest hit communities, according to a new report by financial services company Desjardins.

1. Bancroft -50%
2. Northumberland -42%
3. Woodstock-Ingersoll -40%
4. Grey Bruce Owen Sound -39%
5. Muskoka and Haliburton -39%
6. Chatham Kent -38%
7. Welland -38%
8. Windsor-Essex -37%
9. Peterborough and the Kawarthas -37%
10. St. Catharines -37%
11. Niagara Falls-Fort Erie -36%
12. Parry Sound -36%
13. London and St. Thomas -36%
14. Guelph -35%
15. Tillsonburg -34%
16. Quinte -34%
17. Huron Perth -34%
18. Brantford -34%
19. Kawartha Lakes -33%
20. Durham Region -33%
21. Cambridge -32%
22. Simcoe -32%
23. Kitchener-Waterloo -32%
24. Barrie -31%
25. Orillia -30%
26. Hamilton-Burlington -30%
27. Rideau-St. Lawrence -30%
28. North Bay -30%
29. Cornwall -30%
30. Orangeville -29%
31. Southern Georgian Bay West -29%
32. Sudbury -28%
33. Sault Ste. Marie -28%
34. Southern Georgian Bay East -28%
35. Renfrew -27%
36. Sarnia-Lambton -27%
37. Oakville-Milton -24%
38. Kingston -24%
39. Mississauga -23%
40. Greater Toronto -20%