{"id":26527,"date":"2024-01-08T06:00:00","date_gmt":"2024-01-08T11:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=26527"},"modified":"2024-01-29T11:43:42","modified_gmt":"2024-01-29T16:43:42","slug":"where-are-home-prices-dropping-most-canada-jan-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/where-are-home-prices-dropping-most-canada-jan-2023\/","title":{"rendered":"Where Are Home Prices Dropping the Most in Canada This Winter?\u00a0"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The national benchmark price hit its peak in 2023 in June, reaching $760,600, before embarking on a downward trend for the next five months according to the Canadian Real Estate Association (CREA). Most major markets have been following suit, with <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a>, <a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vancouver<\/a>, <a href=\"https:\/\/www.zoocasa.com\/ottawa-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Ottawa<\/a>, and Winnipeg all seeing prices drop off since summer. This is partly due to seasonality, with sales activity typically slowing down in the colder months, but is also a result of borrowing costs becoming increasingly high.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite that, motivated buyers considering entering the market now may find that prices are more in line with their budget compared to the hot spring and summer markets. So which cities are experiencing the largest price drops since the summer? To find out, Zoocasa analyzed benchmark price data for 21 major markets across Canada and compared how prices have changed in the past few months and year.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-272.png\" alt=\"\" class=\"wp-image-26528\" style=\"width:612px;height:1512px\" width=\"612\" height=\"1512\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-272.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-272-121x300.png 121w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-272-415x1024.png 415w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-272-768x1896.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-272-622x1536.png 622w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-272-829x2048.png 829w\" sizes=\"auto, (max-width: 612px) 100vw, 612px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Just 3 Out of 21 Markets Have Experienced a Price Increase Since June<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">In the span of just 5 months, the majority of Canadian real estate markets have experienced a drop in benchmark price by more than 3%. Some markets are even falling below last year&#8217;s prices. <a href=\"https:\/\/www.zoocasa.com\/waterloo-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Kitchener-Waterloo<\/a> experienced the most drastic decline, with the benchmark price decreasing by 8.9% since June to $708,600 and by 0.6% since last year.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ontario cities in particular have seen a change in affordability. <a href=\"https:\/\/www.zoocasa.com\/london-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">London &amp; St. Thomas<\/a>, <a href=\"https:\/\/www.zoocasa.com\/mississauga-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Greater Toronto<\/a> and <a href=\"https:\/\/www.zoocasa.com\/hamilton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Hamilton-Burlington\u2019s<\/a> benchmark prices all fell by more than 7% since June, with the benchmark price in Hamilton-Burlington also down 2.5% from November 2022. The benchmark price in <a href=\"https:\/\/www.zoocasa.com\/guelph-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Guelph &amp; District<\/a> dropped by 6.6% since June and 2% since 2022, with its November benchmark dropping below $800,000 for the first time since January 2023. As demand has fallen off in these Ontario markets, prices have been able to stabilize closer to pre-pandemic levels.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/maximizing-year-end-tax-savings-for-homeowners-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Year-End Tax Savings: Maximizing Benefits for Homeowners<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The only three markets to not experience a price decline since June are <a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Calgary<\/a>, <a href=\"https:\/\/www.zoocasa.com\/st-john-s-nl-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">St. John\u2019s<\/a> and <a href=\"https:\/\/www.zoocasa.com\/saint-john-nb-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Saint John<\/a>. Calgary\u2019s home prices have increased by 10.5% since November 2022 &#8211; more than any other market we analyzed &#8211; but still remains relatively affordable with a benchmark price of $557,400 in November 2023. As long as migration to Calgary remains strong, housing demand will continue to grow propping up prices.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-270.png\" alt=\"\" class=\"wp-image-26529\" style=\"width:659px;height:882px\" width=\"659\" height=\"882\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-270.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-270-224x300.png 224w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-270-750x1004.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-270-768x1028.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-270-1147x1536.png 1147w\" sizes=\"auto, (max-width: 659px) 100vw, 659px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Significant Slide in Ontario Single-Family Home Prices<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">The seven cities experiencing the largest percentage drops in benchmark prices for single-family homes are all in Ontario. Once again Kitchener-Waterloo experienced the greatest price decline with the benchmark price of a single-family home decreasing by 9.7% since June 2023 to $802,900. Following that, single-family homes in Hamilton-Burlington have seen an 8.5% price drop since June, with November&#8217;s benchmark price falling to $864,200, marking a 2.2% decrease from 2022 levels.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Though price declines have been more prominent in Ontario, buyers across the country still have opportunities to capitalize on less significant price drops in more affordable markets, where homeownership costs are already more within an accessible range. Single-family homes in <a href=\"https:\/\/www.zoocasa.com\/regina-sk-real-estate\">Regina<\/a> experienced the greatest year-over-year drop in price at 3.2%, and since June prices have fallen by 4.3% to a benchmark price of $321,400 in November 2023. Winnipeg and <a href=\"https:\/\/www.zoocasa.com\/halifax-ns-real-estate\">Halifax-Dartmouth<\/a> single-family home prices fell by more than 4.5% since June, both with benchmark prices below $520,000, while Edmonton also saw a modest drop from June at 1.8%.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-269.png\" alt=\"\" class=\"wp-image-26530\" style=\"width:649px;height:869px\" width=\"649\" height=\"869\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-269.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-269-224x300.png 224w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-269-750x1004.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-269-768x1028.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-269-1147x1536.png 1147w\" sizes=\"auto, (max-width: 649px) 100vw, 649px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Less Significant Price Drops for Condos<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Demand for more affordable property types remained steady in 2023, especially as many buyers were forced to grapple with higher interest rates. Consequently, this led to condo prices not experiencing as significant a drop as those of single-family homes.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/5-tips-for-successful-real-estate-negotiations-during-winter\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Navigating the Chill: 5 Tips for Successful Negotiations During the Winter Real Estate Market<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Fortunately for condo buyers in Ontario, Kitchener-Waterloo, Greater Toronto, and London &amp; St. Thomas all experienced a more than 4% drop in the benchmark condo price since June. Kitchener-Waterloo condo prices are down 5.2% from 2022, more than any other city we analyzed, while Greater Toronto and London &amp; St. Thomas condo prices are down year-over-year by 0.7% and 3.8% respectively.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Compared to single-family home prices, where just three cities experienced price growth in the past five months, condo prices grew in nine cities. Condo price growth was strongest in Saint John and St. John\u2019s, increasing by 12.9% and 7.4% respectively since June, while Calgary and Halifax-Dartmouth experienced the greatest year-over-year price growth at 16% and 13.8% respectively.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re looking to enter one of these markets, it\u2019s important to speak with a local real estate agent who can give you specific information and guidance about the local real estate market. <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call today<\/a> to discuss your home-buying plans.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Ready to enter the winter market?<\/div>\n<div class=\"cta-body\">Sign up for a free Consultation<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The national benchmark price hit its peak in 2023 in June, reaching $760,600, before embarking on a downward trend for the next five months according to the Canadian Real Estate Association (CREA). Most major markets have been following suit, with Toronto, Vancouver, Ottawa, and Winnipeg all seeing prices drop off since summer. This is partly [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":26532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1114,1111,1160],"tags":[],"class_list":["post-26527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-canada","category-market-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Where Are Home Prices Dropping the Most in Canada This Winter?\u00a0 | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Since reaching their peak in the summer, home prices across Canada are dropping. Zoocasa analyzed 21 major markets to see where home prices declined the most since June 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/where-are-home-prices-dropping-most-canada-jan-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Where Are Home Prices Dropping the Most in Canada This Winter?\u00a0 | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Since reaching their peak in the summer, home prices across Canada are dropping. Zoocasa analyzed 21 major markets to see where home prices declined the most since June 2023.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/where-are-home-prices-dropping-most-canada-jan-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-08T11:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-29T16:43:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Blog-x-Social-Images-2024-01-05T114145.284.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mackenzie Scibetta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Blog-x-Social-Images-2024-01-05T114145.284.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mackenzie Scibetta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/where-are-home-prices-dropping-most-canada-jan-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/where-are-home-prices-dropping-most-canada-jan-2023\/\"},\"author\":{\"name\":\"Mackenzie Scibetta\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/f94c43a0733031723a673cfb21916c34\"},\"headline\":\"Where Are Home Prices Dropping the Most in Canada This Winter?\u00a0\",\"datePublished\":\"2024-01-08T11:00:00+00:00\",\"dateModified\":\"2024-01-29T16:43:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/where-are-home-prices-dropping-most-canada-jan-2023\/\"},\"wordCount\":797,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Affordability Reports\",\"Canada\",\"Market Insights\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/where-are-home-prices-dropping-most-canada-jan-2023\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/where-are-home-prices-dropping-most-canada-jan-2023\/\",\"name\":\"Where Are Home Prices Dropping the Most in Canada This Winter?\u00a0 | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2024-01-08T11:00:00+00:00\",\"dateModified\":\"2024-01-29T16:43:42+00:00\",\"description\":\"Since reaching their peak in the summer, home prices across Canada are dropping. 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