Where have home prices dropped the most across Canada?

Housing prices have continued on their downward plunge amid Bank of Canada interest rate hikes and fears over a potential looming recession, but the effect isn't being felt evenly across the country.

But according to the CREA's Home Price Index, some regions have only recorded small dips, if at all, while home prices in others are in complete free-fall.The benchmark price of a home in Ontario was $904,800 in August 2022, down 15.9 per cent from its peak in February 2022. The Greater Toronto Area similarly saw a 15.2 per cent decline in prices during the same period, from $1.36 million to $1.12 million.

The only Ontario communities that bucked the trend and saw home prices increase were Bancroft, Sault Ste. Marie and Windsor-Essex, which saw home prices rise 10 to 14 per cent during this period.B.C. was the province that had the most expensive homes. The benchmark price in B.C. was $995,500 in August 2020, down 5 per cent from six months prior. The Greater Vancouver are saw home prices decline 4.6 per cent from February 2022, while the Fraser Valley region saw an 11.2 per cent decline.

The CREA says Saskatchewan home prices are "still rising slightly." Home prices are up 5.3 per cent in the province. However, Manitoba was the only province in the Prairies that saw home prices decline. Over a six-month period the benchmark price in Winnipeg dropped 4.5 per cent.In Nova Scotia, the benchmark home price rose 10.3 per cent between February 2022 and August 2022, settling at $395,300. This is still down from the peak in May, when the benchmark price was at $417,500.

Maybe but the HOME OWNERS still don’t believe they are dropping so they are keeping their old prices. I have been going with a friend to see how ridicules home owners are asking for their houses. Not even with it. $350 for west side 😂 2 b 1 b something is wrong

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