A look at where the ‘most pronounced’ housing corrections are taking place in Ontario | Globalnews.ca

A look at where the ‘most pronounced’ housing corrections are taking place in Ontario

“Supported by buyers’ desire for more space when working and educating children from home, homebuying activity surged most significantly in smaller Ontario centres during the pandemic,” the report states.

Desjardins noted that the main catalyst for the housing correction was the tightening of monetary policy that began in March 2022. “This change in fortune will likely be the result of interest rate cuts following a prolonged pause by the Bank of Canada,” the report states. Desjardins states that the provinces most exposed to real estate are seeing the largest home price corrections — namely Ontario and British Columbia with expected declines of 25 per cent and 22 per cent from the peak until December 2023, respectively.In Ontario, home prices rose in the Greater Toronto Area, but “not nearly as much” as they did in smaller communities, the report says.“And these places are expected to continue seeing the biggest correction,” the company states.

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