Vancouver and Toronto Offer New Opportunities for Homebuyers

Toronto's housing market has seen an 11% price drop over the past year, marking the largest decline among 23 major cities studied. After strong growth from 2014 to 2022, higher interest rates, a foreign-buyer ban, and increased supply caused prices to fall nearly 30% from their peak, with rents also declining. Vancouver experienced a similar trend, with prices down almost 10% in the past year and 20% since 2022. Further price declines are expected due to increased inventory, slower growth, and possible rate hikes.