Real estate prices dropped 12 to 14 per cent in Mississauga, Hamilton, Niagara and Oakville

Real estate prices dropped significantly in Mississauga, Hamilton, Burlington, Oakville and in many communities across Ontario at the end of 2022.

Ontario real estate “seems to have entered a downtrend cycle in 2022,” a report from HelloSafe, an online platform for comparing insurance and financial products, reads.

HelloSafe used data from the Canadian Real Estate Association and its business partners comparing December 2021 to December 2022.

While home prices are still out of reach for many residents, most southern Ontario cities saw a decrease in home prices, with the GTA dropping 8.9 per cent.

Mississauga’s decrease was higher than the overall GTA price drop — the average real estate transaction was at $1,174,700 in December 2021 but had dropped 12.3 per cent in 2022 to $1,030,100.

Hamilton and Burlington saw the biggest drop in the area — down 14.8 per cent from $942,200 to $803,200.

The Oakville and Milton area saw a drop of 11.6 per cent from $1,449,300 to $1,280,600 in December 2022.

Niagara Region remains one of the least expensive places to buy property in southern Ontario. And they also saw a drop of 12 per cent from $717,800 to $631,600.

Still, Ontario is one of the most expensive places to buy property, second only to British Columbia.

For those looking to move out of Ontario, New Brunswick and Newfoundland and Labrador are the least expensive options right now. But the Atlantic provinces are also the only places with significant increases in prices — up between 5.6 and 6.3 per cent.

The Prairie provinces aren’t seeing much change in prices with Alberta, Manitoba and Saskatchewan increasing slightly.

See the full report from HelloSafe here.