Price drop creates negative value for some homeowners in Burlington, Milton, Oakville

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Published February 7, 2024 at 2:22 pm

real estate trends

Unsurprisingly, many people who purchased homes at the peak of the market in late 2022 in Burlington, Oakville and Milton have seen their investments lose value over the following 16 months or so.

According to a report from Point2Homes, an online real estate company, single-family homeowners in 18 large cities across Canada, along with condo owners in 26 markets, have seen the value of their properties diminish.

Ontario’s largest cities almost single-handedly led this price decline trend for both single-family and condo homeowners.

Halton was hit particularly hard in the homeowners category, with three municipalities making the list, but were spared on the condo list.

In Burlington, new single-family homeowners who purchased their homes in late 2022 have faced the biggest daily loss, at $163. Adding it up, this means they would need to sell their home for $60,000 less than they bought it for — an unsettling prospect for any owner.

The story is similar in both Oakville and Milton, but not to the same degree. In Milton, the average daily loss is $84 and in Milton it’s $79.

Homeowners in Markham, Mississauga, and Kitchener also lost more than $100 per day, totaling up to $56,043.

For more information, see the full report here.

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