Homeowners who bought at the height of the real estate boom in early 2022 — and even some who purchased in 2023 — are now facing significant financial losses if they choose to sell. According to a new report from real estate listing site Wahi, home prices in parts of the Greater Toronto Area have plunged by as much as $1 million over the past three years.
The report highlights dramatic declines in the median sale price of single-family homes in 10 GTA neighbourhoods, with some areas seeing price drops of up to 40 per cent between April 2022 and April 2025. The analysis is based on data from the Toronto Regional Real Estate Board and Information Technology Systems Ontario, tracking over 300 neighbourhoods across the region.
The declines are hitting sellers hard. Notable examples include a home in Oshawa that recently sold at a $510,000 loss and a property in Brampton that went for $520,000 less than its original purchase price. These figures underscore the financial strain facing homeowners who bought near the market peak and are now being forced to sell in a softer, slower market.
While some real estate experts remain optimistic that prices will rebound, the spring 2025 market has been sluggish, and confidence remains shaky among both buyers and sellers.
The sharp correction in home prices is a stark reminder of the volatility in the GTA housing market and the risks involved when purchasing at inflated prices. As the market continues to adjust, prospective buyers and current homeowners alike are watching closely for signs of stability and recovery.