Here’s how much Ontario home prices have dropped (or climbed) since the last federal election
With Canadians set to go to the polls today, the election has somehow become a little less about domestic issues and more about existential threats–namely tariffs and annexation threats levelled by U.S. President Donald Trump.
However, while many Canadians are voting for the candidate they believe is best suited to deal with the unpredictable president, many remain concerned about the country’s sluggish economy, high food prices, and skyrocketing housing costs. In fact, a recent INsauga.com poll found that 50 per cent of more than 4,000 respondents ranked the economy as their biggest concern, and with the average house in the GTA selling for $1,093,254, it’s no wonder that residents have money on their minds.
Interestingly enough, a recent report by real estate platform Wahi indicates that, since former Prime Minister and Liberal leader Justin Trudeau was last re-elected in 2021, house prices have actually fallen in 15 Toronto ridings.
That said, the declines haven’t been extreme–especially considering the average house price in the city is much higher than it was even 10 years ago and that prices soared to record-breaking highs during the pandemic.
The report states that since 2021, prices for single-family homes (including detached, semi-detached, row, and townhouses) have climbed in eight ridings, fallen in 15 and remained flat in one. The median price of a single-family home in Toronto in the first quarter of this year hit $1,286,000, which isn’t far off the average it hit in 2021.
The report notes that in ridings with very high average prices (such as those in and around Midtown Toronto), changes were modest.
In the Don Valley West district, prices have fallen 10 per cent since 2021, but still remain higher than average at $2,303,607. The riding–the only one that boasts an average home price of over $2 million–includes a number of affluent communities, including the Bridle Path.
Another riding with a 10 per cent price drop is Toronto-St Paul’s. The district is also home to higher-income earners and includes neighbourhoods such as Forest Hill, Deer Park and Summerhill. The average price is currently $1,620,000.
Other affluent ridings saw less change, with prices dropping three per cent in Don Valley North, five per cent in Willowdale, three per cent in University-Rosedale and three per cent in Taiaiako’n–Parkdale–High Park.
Prices are down 15 per cent to $1,340,000 in Spadina-Harbourfront.
In other ridings, prices are up–but mostly by single-digit margins. The report indicates prices rose two per cent to $1,710,751 in Eglinton-Lawrence, five per cent in Etobicoke-Lakeshore, six per cent in Beaches-East York, three per cent in Toronto-Danforth and two per cent in Scarborough-Guildwood-Rouge Park.
The report suggests there’s been no change in average price in Scarborough-North, where the sum sits at $1,072,944.
In areas with lower average prices, change has been minimal. That said, the report notes that prices in the area encompassing Scarborough—Woburn (a new riding for the 2025 federal election) have fallen 8 per cent since 2021.
As for high and mid-rise homes, the report said prices for condos declined in 16 ridings, remained flat in four, and increased in just three between 2021 and now.
The few ridings in which condo/condo townhouse prices climbed were found in the city’s west end (Etobicoke Centre, Etobicoke North, Humber River—Black Creek).
The median price of a Toronto condo has fallen 4 per cent to $630,000 since the last election.
Price changes, it seems, were more notable in the GTA.
Wahi said most 905 ridings moderate shifts between the third quarter of 2021 and the first quarter of this year. The report notes a 26 per cent drop for condos in Brampton South, where the median price is $551,250, and 11 per cent for single-family homes in Markham—Unionville (median price of $1,470,000).
In Oakville West, prices rose 10 per cent to hit $1,595,000 and condo buyers in Mississauga—Lakeshore and Bowmanville—Oshawa North saw prices rise 14 per cent to $665,000 and $598,500, respectively.
