Oshawa, Brock Township and Clarington see biggest drops in housing prices in 2022
Published November 24, 2022 at 11:20 am
With interest rates spiking six times already in 2022 – and the Bank of Canada poised to make one more next month – it’s no wonder real estate prices have plunged this year, with the high cost of borrowing scaring some people out of the market.
The provinces with the most expensive real estate markets experienced the greatest price dips this year, according to real estate agency Zoocasa and the Toronto and Region Real Estate Board (TRREB). Ontario’s prices have dropped 18.26 per cent from $1,075,800 in February to $879,400 in October, while British Columbia’s prices have fallen 8.51 per cent from $1,048,900 to $959,600 over the same period.
Home prices have taken a hit due to the rising rates, with some cities feeling the impact harder than others, especially in the GTA, where housing prices in every city covered by TRREB have declined.
London-St. Thomas and Kitchener-Waterloo, for example, have experienced price depreciation of 25 per cent and 24.5 per cent, respectively, while Hamilton Burlington has fallen 21.72 per cent from $1,068,800 in February to $836,800 in October.
But the biggest impact has been felt in Durham Region, where some of the biggest downward movers are found. In Brock Township prices fell a whopping 31.05 per cent – the biggest decline of the 14 communities surveyed – from $1,168.477 in February to $805,653 in October, a difference of $362,824: also number one.
Percentage-wise, the next biggest drop was in Oshawa, where average housing prices fell 28.89 per cent from $1,099,738 to $782,227. Other Durham towns were also hit hard, with Clarington housing prices falling 27.76 per cent, Ajax down 23.92 per cent and Pickering prices falling 23.5 per cent.insauga's Editorial Standards and Policies advertising advertising