The housing market in Ontario is changing dramatically right now, and some cities are feeling it more than others.

A new report by Zoocasa says that house prices in Ontario are dropping thanks to mortgage rate hikes making buyers “understandably hesitant to enter the market.”

In cities with higher-priced real estate like Toronto, Mississauga, and Oakville, homes are selling for below the asking price.

Zoocasa analyzed the real estate landscape in cities surrounding Toronto to find out where homes are selling for above and below asking.

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Here are all of the cities where homes are selling for below asking, and by how much.

  • Scugog: -10.04%
  • Brock: -7.83%
  • Vaughan: -7.54%
  • Caledon: -6.91%
  • Aurora: -6.43%
  • Oakville: -6.20%
  • East Gwillimbury: -6.11%
  • Mississauga: -5.78%
  • Burlington: -5.68%
  • King: -4.86%
  • Milton: -4.52%
  • Stouffville: -3.54%
  • Halton Hills: -3.46%
  • City of Toronto: -2.53%
  • Orangeville: -2.33%
  • Pickering: -1.81%
  • Brampton: -1.77%
  • Essa: -1.65%
  • Bradford: -1.48%
  • Adjala-Tosorontio: -1.18%
  • New Tecumseth: -0.54%
  • Clarington: -0.44%
  • Uxbridge: -.014%
  • Whitby: -.0.02%

This trend is expected to continue into the new year.

RE/MAX’s 2023 Canadian Housing Market Outlook Report predicts that residential house prices will decrease by 3.3% nationwide next year, and Ontario will experience the “biggest declines” of any province.

In the GTA specifically, sales could decrease as much as 11.8% in 2023. The average home price is set to drop to $1,061,853.91 across the Toronto area.

Times are tough out there, but buyers who aren’t scared away by the mortgage rates might have the upper hand in these areas.