Several cities reporting drop in home prices, but experts say prices still remain high
A new report from Desjardins suggests house prices in some Ontario cities have dropped by nearly thirty percent.
This is nearly double Toronto's price drop since last February's peak.
Some cities, including St. Catharines, saw significant home price increases between December 2019 and February 2022.
As a result, there were greater price drops over the last year.
"Home prices rose significantly in the GTA, but not nearly as much as they did in smaller Ontario communities or nationally for that matter, "the report said. "And these places are expected to continue seeing the biggest correction."
The report indicates St. Catharines, London, Oshawa and Windsor reported price drops between 25-30%.
However, experts say despite the drops, there is still an affordability issue due to higher interest rates and home prices that are still elevated compared to pre-pandemic levels.
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