New report takes a look at the GTA neighbourhoods that have seen the biggest home price declines
Housing prices continue to dip in the Greater Toronto Area, thanks to uncertainty surrounding inflation and the impacts of U.S. tariffs. But one real estate expert says now might be the best time to enter the market.
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GTA single-family home sales A new report from Canadian real estate listing website and app Wahi says 10 neighbourhoods have seen the median sale price of a single-family home fall by 40 per cent since the GTA housing market peaked in early 2022. (Frank Gunn/THE CANADIAN PRESS)
GTA single-family home sales Wahi analyzed how home prices have evolved between April 2022 and April 2025 across more than 300 neighbourhoods. “Prices for single-family homes have held up better than condos, but (our) latest analysis shows how much market trends can vary from neighbourhood to neighbourhood,” said Wahi CEO Benjy Katchen. (Graeme Roy/THE CANADIAN PRESS)
GTA single-family home sales On a percentage level, three Toronto neighbourhoods landed in the top 10 of GTA neighbourhoods where single-family home prices have dropped the most since the 2022 peak. Those included the Church-Yonge Corridor (-40 per cent), Wanless Park (-47 per cent), and Windfields (-49 per cent) neighbourhoods. (Wahi)
GTA single-family home sales Pickering’s Rougemount neighbourhood and Brampton’s Vales of Humber neighbourhood tied in second with a price change of -50 per cent each. (Wahi)
GTA single-family home sales The GTA neighbourhood that saw the biggest change in single-family home prices by percentage was Brampton’s Huttonville neighbourhood, with a change from April 2022 to April 2025 of -53 per cent, or $1,760,000 to $825,000. (Wahi)
GTA single-family home sales However, Katchen told CTV News that the numbers don’t mean a $4 million home is now selling for half the price, but that homes priced on the lower end in those neighbourhoods are the ones being bought instead. (Wahi)
GTA single-family home sales “What's actually happening is there's not a lot at the higher end price moving. For instance, if you pick some of the expensive neighbourhoods in Toronto, like Windfields or Wanless Park, where the houses were $4 to 6 million in the peak of 2022… we're not saying that same house is now selling for half. There’s certainly been a little bit of price depreciation and price pressure. But what is really skewing what's happening is none of those really high price holds are selling, and what happens to sell in those neighbourhoods are at a much lower price point,” explained Katchen. (Wahi)
GTA single-family home sales Looking at declines by dollar amount, Wahi determined that the median price of single-family homes that sold in 10 neighbourhoods across the GTA plunged by $1 million since spring three years ago. Six of the 10 were located within the City of Toronto. (Wahi)
GTA single-family home sales The York Mills neighbourhood saw a housing price sales drop from $960,000 to $2,765,000, while the Forest Hill neighbourhood saw prices of homes selling go from $3,650,000 to $2,641,900. (NITIN PANSHOTRA)
GTA single-family home sales Other Toronto neighbourhoods to see significant changes in home sales included North Toronto (-$1,050,000), Church-Yonge Corridor (-$1,092,500), and Wanless Park (-$1,967,500). (Wahi)
GTA single-family home sales Leading the pack was Toronto’s Windfields neighbourhood, which saw a price drop of $3,105,000—down from $6,375,000 to $3,270,000. (Wahi)
GTA single-family home sales Katchen pointed to inflation and U.S. tariffs as having an impact on the types of homes being purchased in the GTA. “I think the biggest threat right now to the housing market is uncertainty,” he said. “People always say they would prefer better interest rates, and maybe one could take a little bit of steam out of the interest rates to make it a little bit more affordable, but I think that job security and uncertainty trump that by far—sorry to use that name.”
GTA single-family home sales Wahi’s CEO said while now may not seem like the best time to invest in a home because of the stalling market, it’s actually a good time and a lot less stressful. “Don't wait for the demand to jump back up,” Katchen advised. “I actually don't think it's a good time to be a buyer when you're standing on somebody's front lawn bidding against 15 other people.” (Richard Buchan/THE CANADIAN PRESS)
GTA single-family home sales “I think mortgage rates are relatively more affordable right now and there's a lot of listings,” he continued. “So, you have the ability to take time to do your due diligence to really get the market comparable data and put together a thoughtful offer with financing conditions, inspection conditions, all without having five other people bidding against you.” Katchen said if you have the money and the job security, do the homework, and take the time to jump into the market. (Frank Gunn/THE CANADIAN PRESS)
