While Toronto has been one of the hardest-hit markets, many surrounding Ontario cities — including Hamilton, Kitchener-Waterloo, Peterborough, London, Guelph, and Barrie — have also seen major declines from their peak levels.

These markets were once heavily driven by investor demand and speculative activity during the boom years. As a result, their price corrections have been just as significant as Toronto’s in many cases.

From a long-term perspective, many of these cities are now sitting below their historical trend lines, suggesting that downside risk may still remain. Inventory trends will be one of the key indicators to watch moving forward. 👀

At the same time, not every market in Ontario is following the same pattern.

Sudbury stands out as a very different example. 🏡 With average home prices still around the $500,000 range, it remains far more affordable than cities like Hamilton, where average prices are still above $800,000. This affordability, combined with relatively stable local income conditions, has helped support a much stronger housing trend.

This is an important reminder that even within the same province, local housing markets can behave very differently. Price levels, affordability, rent-to-price ratios, and local income conditions all play a major role in shaping long-term real estate trends. 📊

For buyers and investors, understanding the broader macro environment is important — but paying attention to the local micro-market is just as essential.

What do you think: which Ontario market is showing the most resilience right now? ⬇️

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