Home prices have dropped the most in these Ontario cities since 2022 [Video]

Home prices have dropped in Ontario and across Canada since 2022 but some cities saw more significant declines than others.

After years of runaway price growth, Canada’s housing market is undergoing a significant reset, according to a new report from real estate brokerage Zoocasa.

Zoocasa used data from the Canadian Real Estate Association to analyze home sales and price changes across Canada over the past three years.

Some of the most significant corrections in the housing market have occurred in Canada’s priciest regions, especially Ontario and British Columbia, the report states. Sales have significantly slowed in urban centres where prices surged during the pandemic.

In the Greater Toronto Area, many homeowners have sold at significant losses after buying a peak-high prices in early 2022. A Mississauga property sold for a $445,000 loss and an Oshawa home sold for a $510,000 loss in February this year.

Hamilton saw the biggest price drop in Ontario—from a home price average of $1,104,441 in February 2022 down to $813,548 in …