These Ontario cities are expected to see the biggest home price declines:
The report, from economists at financial services company Desjardins, examined the Ontario housing market in the context of recent developments, such as interest rate hikes and supply.
Bancroft is expected to see the steepest decline in home prices by the end of the year, with a projected 50 per cent drop. That’s followed by Northumberland Hills , Woodstock-Ingersoll , Grey Bruce Owen Sound and Muskoka & Haliburton . Mississauga , York Region , Ottawa , Timmins and Thunder Bay are also projected to see drops of less than 25 per cent.
“As policymakers move forward on ambitious plans to increase the housing supply to improve affordability, considering local market needs will be of paramount importance,” the report states.The report also notes that the erosion of housing affordability during the pandemic has driven Ontarians not just farther away from urban centres, but out of the province completely.
While one might expect the exodus to more affordable parts of the country to ease pressure on housing markets within Ontario, the report says that rapid population growth due to international migration and the admission of non-permanent residents is keeping demand strong going forward, even in an environment of sustained high interest rates.
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