[Barometer] Real estates prices down 12.2% in Ontario in 2022

Is the year 2022 already a turning point for the real estate market in Ontario? With a general drop of 12.2% in the value of real estate transactions between December 2021 and December 2022 across the province, we can already say yes. This barometer analyses the dynamics of the Ontarian and Canadian real estate market province by province, city by city.


Real estate prices drop by 12% in Ontario and British Columbia, Atlantic provinces still on the rise

While real estate prices peaked in 2021 in Canada, 2022 seems to be the beginning of a trend reversal. Even though prices continued to increase in 7 of the 10 Canadian provinces between December 2021 and December 2022, they are beginning to drop sharply in the 3 most populated provinces. On the graph below, we can distinguish several dynamics:

Prices down more than 15% in Orangeville, Cambridge, Kitchener and Hamilton, Toronto soars too

The Ontarian real estate seems to have entered a downtrend cycle in 2022. Within the 38 localities we studied, only 6 have seen their real estate prices grow in 2022. We particularly note that :

CitiesAverage transaction
Average transaction
Annual change
Timmins, Cochrane and Timinskaning Districts
Sault Ste. Marie
Cornwall & District
Bancroft & area
Windsor Essex
Kingston & area
London & St Thomas
Grey Bruce Owen Sound
Tillonsburg District
Simcoe & District
Rideau-St. Lawrence
Peterborough & the Kawarthas
Huron Perth
North Bay
Northumberland Hills
Greater Toronto
Thunder Bay
Guelph & District
Quinte & District
Barrie & District
Kawartha Lakes
York Region
Niagara Region
Brantford Region
Renfrew County
Durham Region

As of the end of 2022, Vancouver overtakes Toronto as the most expensive city to buy real estate in Canada

The dynamics of the real estate market in large cities sometimes differ from those of the provinces taken as a whole. Thus, we observe on the graph below that:

Timmins & Cochrane is the 2nd Canadian district where real estate prices increased the most in 2022: +26.4%

Despite real estate prices falling by 12% across the national territory between December 2021 and December 2022, some cities and districts are still doing well. We find in the table below the 15 cities or districts in which the real estate transactions increased the most:

RankCity / DistrictProvinceAverage transaction
(Dec. 2021)
Average transaction
(Dec. 2022)
South Central AlbertaAlberta$189,423$240,719+27.1%
Timmins & CochraneOntario$216,652$273,782+26.4%
Portage la PrairieManitoba$262,552$321,627+22.5%
Medicine HatAlberta$273,998$322,990+17.9%
YarmouthNova Scotia$180,600$207,400+14.8%
Northern Nova ScotiaNova Scotia$183,700$207,900+13.2%
South ShoreNova Scotia$242,000$273,200+12.9%
HighlandNova Scotia$190,300$208,800+9.7%
Annapolis ValleyNova Scotia$266,500$288,200+8.1%
Great MonctonNew-Brunswick$282,400$303,600+7.5%
Top 15 cities where the average transaction increased the most in Canada between December 2021 and December 2022

Our methodology

In addition to its expert editorial line around insurance and financial products, HelloSafe explores broader topics relating to global consumption in Canada and around the world. The aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information. It is within this framework that HelloSafe regularly carries out studies on trends relating to current personal finance in Canada.

This study is based on data from the Canadian Real Estate Association (CREA), supplemented by data provided by some of our business partners. The comparisons made were made month to month, between December 2021 and December 2022.

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nolwenn abolivier

Nolwenn Abolivier

Press relations and communication officer