Niagara houses see the second-highest price drop in the country
Published May 25, 2023 at 1:15 pm
When real estate brokerage Zoocasa looked at housing price drops from March 2022 to April 2023, only one area in Canada fared worse than Niagara is terms of percentage plunge.
In March 2022, the average home price in Niagara was $820,100 which plummeted to $654,100 in April 2023, a drop of 20.24 per cent or $166,000 cash out of pocket.
Only London-St. Thomas fared more poorly, seeing their homes drop from $773,600 to $607,2oo – a percentage plunge of 21.51 or $166,400 less in value.
In fact, on the entire list, the only two communities in Canada to see gains over that 13-month period were Calgary at 2.89 per cent gain and St. John’s, Newfoundland at 3.52 per cent hike.
In terms of the straight-up cash loss, two communities whose homes average more than $1 million took the worst financial drubbing as Toronto homeowners saw their properties drop $189,300 while Hamilton-Burlington homeowners got nicked for $191,900 in the 13-month span.