In a stunning reversal from the pandemic-era housing frenzy, new data shows that some Greater Toronto Area (GTA) homeowners have seen their property values plunge by over $1 million since the market peaked in early 2022.
According to a recent analysis by Wahi, a Canadian real estate platform, 10 neighbourhoods across the GTA experienced single-family home price drops of 40% or more between April 2022 and April 2025. Four of the hardest-hit areas are in Brampton, a city once considered a hotbed of suburban growth.
Leading the downturn is Huttonville, where the median sale price of a single-family home has nosedived by 53% over the past three years. That translates into a staggering loss of over $1 million in value for some properties, depending on the initial purchase price. Close behind are Vales of Humber (-50%), Northwood (-44%), and Westgate (-40%), all within Brampton’s borders.
“Prices for single-family homes have held up better than condos overall,” said Wahi CEO Benjy Katchen, “but this data shows just how dramatically trends can vary from neighbourhood to neighbourhood.”
The broader picture is just as sobering. Of the 344 neighbourhoods Wahi examined, 289 have lower home prices today than in April 2022, when the market reached its peak, fueled by record-low interest rates and a surge in buyer demand during COVID-19.
The reasons for the drop are layered but familiar: rising interest rates, tightened lending conditions, inflationary pressures, and a growing affordability crisis. As borrowing costs rose through late 2022 and into 2024, many prospective buyers were priced out of the market, leading to reduced competition and downward pressure on home values.
Interestingly, the steepest drops seem to have occurred in areas that saw some of the fastest appreciation during the boom. Brampton, in particular, witnessed runaway price growth between 2020 and 2022, making its sharp reversal more pronounced.
Other GTA regions, while not suffering quite as dramatic losses, still saw significant declines in median single-family home prices, including parts of Durham, York Region, and Mississauga.
For current homeowners, especially those who bought near the peak, the report is a sobering snapshot of how quickly market conditions can change. For buyers, however, it could present a long-awaited window of opportunity, provided they can navigate the high-interest rate environment.
With interest rates expected to moderate slightly over the next year, all eyes will be on whether this downward trend stabilizes or continues. One thing is clear: the days of automatic equity growth in the GTA housing market are over, at least for now.
