Detached homes in the 416 have seen their average price drop around 27.8% from their peak in February 2022. Condos, which saw an abundance of activity driven by speculators, are down 19.3%. While this is a big price drop for condo prices, it’s even more interesting when we look at condo sales. In February 2022, 1,842 resale condo sales were completed in the 416. In December 2025, we saw only 694. That’s a 62.3% drop.

To actually make this strategy work:

• The funds you withdraw under the HBP must have been in your RRSP long enough (generally at least 90 days) before you withdraw them.
• You must complete your HBP withdrawal in the calendar year of your home purchase (or January of the year after).
• If you don’t buy/build your home by the deadline the CRA sets (usually before October 1 of the year after your withdrawal), you may have to repay or cancel the HBP participation.

There are many moving parts, so you need to plan contributions, tax filings, pre-approvals, and closing dates to match your cash flow. Again, if you need help with planning, we are here to help you.

This is where we see a lot of value. Average prices in Durham range from $730,000 to $948,000. Ajax, Clarington, and Whitby have the tightest inventory in the entire Greater Toronto Area, just 3.0 months of inventory or less. This means well-priced homes move quickly, even in this market. If you’re looking for affordability without sacrificing access to the GTA, Durham region is worth checking out.

Markham and the surrounding York communities continue to attract buyers looking for long-term value and stability. Newer townhomes and condos near transit (GO stations, TTC subway extensions) are great places to buy for anyone looking for convenience and growth potential.

Many buyers are scared to enter the market. The logic feels simple: if prices might fall another 5 to 10%, why buy today?

Here are some insights we want you to consider carefully:

1. Timing the bottom is impossible. No one can call the exact time the market will turn around. Waiting for certainty that we’ve hit ‘the bottom’ means waiting for prices to actually start rising again, at which point your window has already closed.
2. The cost of waiting adds up. If you were pre-approved in 2024 at a certain mortgage rate and price point, and rates have improved since then, your carrying costs are lower today than they were 12 months ago. Waiting another year to speculate on prices dropping means you risk better affordability now for uncertain future gains.
3. Supply is shifting. We believe that the high inventory levels in 2025 can’t last forever. New home construction is at its lowest level in 30 years, especially in condos. It will take some time for demand to catch up, but once they’ve stopped building product, it creates a choke point for supply.
4. Psychology drives markets, not just price. Once confidence begins to return, whether through media narratives, interest rate cuts, or stabilizing employment data, buyer behaviour can reverse. Buyers who sat on the sidelines waiting for prices to fall further may find themselves chasing a market that’s already turning.

You don’t need to buy today. You do need to strengthen your understanding of the market, determine your actual buying power (mortgage qualification), understand which neighbourhoods and properties align with your lifestyle and financial goals, and decide what reasonable pricing looks like for your target.

Starting your search today means:

• You’re not rushed. With many months of inventory, you can view 20-30 homes if needed, giving you time to compare neighbourhoods and price points.
• You understand what you’re buying. Longer days on market give you time for inspections, appraisals, and due diligence without pressure.
• You’re ready if an opportunity appears. If you find the right home at the right price, you can move quickly rather than being caught unprepared.

The GTA market isn’t broken. It’s in a state of adjustment, and for the first time in years, it’s working in favour of buyers. Why would you wait to just start looking?

RE/MAX Team Paliwal is a small team of highly accomplished real estate agents with more than 40+ years of combined experience in the Greater Golden Horseshoe Area. Our reputation for a thorough process attracts many first-time homebuyers, but we also work with all buyers and sellers aiming to upgrade their homes.

After hundreds of successful deals, we are fortunate to be one of the most trusted and highly reviewed real estate teams online. You can find all real testimonials and reviews of our team on RankMyAgent.com, a verified review platform by the Canadian Real Estate Association, realtor.ca and RE/MAX.CA

Our team has ranked in the top 50 teams in Canada at RankMyAgent.com for the last 4 years, and our team leader Gyanesh Paliwal is the recipient of RE/MAX International’s Hall of Fame Award, Lifetime Achievement Award, and Titan Club Awards.