2023 was a particularly tough year in the real estate world, with rising inflation and interest rate hikes contributing to skyrocketing mortgages for homeowners. But that’s not all — home values dropped year-over-year, an especially troubling realization for new owners who are now left with homes that are worth less than what they bought them for.

Homeowners in 18 of 67 of Canada’s largest cities, and condo owners in 26 of 67, saw their homes lose value year-over-year — and sadly, it was almost entirely Ontario cities that saw a decline according to a report from Point2Homes. Burlington led the way, with new owners losing up to $163 per day in home value, equaling $59,583 for the entire year. Markham wasn’t far behind, with a $154 daily loss in value ($56,043 for the year), while Mississauga saw up to $114 lost per day ($41,740 for the year) and $109 for Kitchener ($39,850 total).

New owners in Toronto managed to emerge unscathed from the year, at least when it comes to home value — the report found home value increased by up to $15 per day, totalling $5,523 over the full year. That’s better than losing money, but nowhere near the home value increases seen in British Columbia: new Vancouver homeowners saw up to a $572 daily increase in home value, totalling $208,858 over the year (roughly the cost of a down payment in Toronto). Richmond, B.C., Burnaby, B.C. and Langley, B.C. also all saw massive daily increases over $300. 

Condo buyers overall fared worse, with Ontario cities again hitting the top of the list. Mississauga new condo owners saw the largest daily decline in value, $100 per day, but London, Ont. had the largest value decline percentage in Ontario at 6 per cent, just below Lethbridge, Alta.’s 6.1 per cent decline.

Toronto condo owners saw up to a $64 daily decline, equal to $23,200 for the year and 3.2 per cent.

But the report noted that single family homeowners are already seeing an improvement: in November, owners in 25 large cities lost home value, whereas December data revealed single family homes losing value in only 18 cities. The same can’t be said for condo owners yet — all 26 cities losing home value in November continued down the same path in December — but real estate is a long-term investment and, with the market already heating up in Toronto and beyond, there’s hope. 

Here’s a full list of Ontario cities that lost value per day for single family homes:

1. Kitchener, -$109
2. Burlington, -$163
3. Markham, -$154
4. Mississauga, -$114
5. Oshawa, -$64
6. Brampton, -$79
7. Milton, -$84
8. Whitby, -$67
9. St. Catharines, -$32
10. Niagara Falls, -$32
11. Ajax, -$52
12. Oakville, -$79
13. Richmond Hill, -$65
14. Cambridge, -$16
15. Pickering, -$1

Here’s a full list of Ontario cities that lost value per day for condos:

1. London, -$62
2. Mississauga, -$100
3. Barrie, -$77
4. St. Catharines, -$50
5. Niagara Falls, -$50
6. Hamilton, -$45
7. Toronto, -$64
8. Brampton, -$47
9. Clarington, -$45
10. Brantford, -$15
11. Pickering, -$22
12. Waterloo, -$16
13. Markham, -$23
14. Whitby, -$19
15. Milton, -$12
16. Kingston, -$4
17. Oakville, -$2
18. Vaughan, -$2
19. Guelph, -$1