Canadian real estate prices in several major urban centres have declined considerably since 2022, when they soared to record highs during the pandemic. As home prices continue falling in major markets across the country, the question now is whether–or when—the bidding-war era of rising home prices will return.
Average home prices in the Greater Toronto Area (GTA) are down over 20 percent since 2022, and down around 11 percent below the 2022 peak in the Greater Vancouver Area. Meanwhile, forced sales have risen sharply in Ontario in the last six months. Some experts say it could be the early 2030s before the 2022 peaks are seen again.
