Prices for homes in Ontario are on the decline with Cambridge seeing the second highest drop in the province.
According to real estate investing website hellosafe.com, the cost of a house in Ontario is seeing the most significant drop since prices started to rise in 2020.
The average price for a home in Cambridge is around $713,700, down 18 per cent from 2021.
“While real estate prices peaked in 2021 in Canada, 2022 seems to be the beginning of a trend reversal,” wrote Nolwenn Abolivier, communications for hellosafe.
Ontario saw a 12 per cent overall decline in housing prices bringing the average cost of a home at $812,000. Kitchener-Waterloo saw a similar price drop to Cambridge coming in with a 15 per cent decrease.
Real estate professionals are looking at this downward trend as a sign of a market stabilization, noted Abolivier. With interest rates seeing a massive increase in 2022, buyers still might find it hard to purchase a home, despite the lower costs of homes.