Here's how much the benchmark price of local property has dropped

The housing prices in Cambridge are dropping faster than neighbouring cities as benchmark prices have dipped 24.5 per cent in the last six months, according to latest report from the Canadian Real Estate Association (CREA).

Released on Thursday, the report said the actual national home price average was $637,673 in August of 2022, a 3.9 per cent drop from August of last year.

“August saw national sales hold steady month-to-month for the first time since February which, along with a stabilization of demand/supply conditions in many markets, could be an early sign that this year’s sharp adjustment in housing markets across Canada may have mostly run its course,” said Jill Oudil, chair of CREA in a media release.

The benchmark price can be considered as the value of a typical property in a given area, while the average price is found by taking the dollar value of all sales over a time period and dividing it by the total amount of sales.

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The data shows property value reached a high in February, and since have trended downwards in most major cities throughout southwestern Ontario.

In Kitchener-Waterloo, over the last six months property values have dropped 23.3 per cent, in Guelph 17.8 per cent and in London and St. Thomas prices have fallen 23 per cent.

Data on the benchmark property prices from February 2022 to August 2022. (CREA)

Windsor-Essex was one of the few regions in southwestern Ontario to report a property value increase, with prices jumping 11.4 per cent over the last six months.

The CREA report shows benchmark price in February across Kitchener-Waterloo for all property types combined was $957,900. Six months later, is had dropped to $734,500. A difference of $223,400.

Over in Cambridge, the February peak was $993,900, and by August, that price had dropped to $750,700. A loss of $243,200.

In Guelph, the peak saw the average home price hit $1,015,600, and in August, that number had fallen to $835,100. A decrease of $180,500.

LOOKING AT ONE YEAR

When spread across one year, nearly all areas in southwestern Ontario have retained some of the property value gained in the last month.

Kitchener-Waterloo prices have dropped into the negative as property values have decreased by 3.2 per cent, according to the report.

Data on the benchmark property prices from August 2021 to August 2022. (CREA)

The CREA report shows in August of 2021, the benchmark prices of property in Kitchener-Waterloo was $750,800, while in August 2022, the price was $734,500.

Over the year, Cambridge prices have only grown 0.6 per cent, while London and St. Thomas prices have only grown half a percent.

The benchmark price for Cambridge was $746,500 in August 2021, and was $750,700 in August of 2022.

In Guelph, the benchmark price in August 2021 was $798,000, and had increased to $830,000 in August of 2022.

Data on the benchmark property prices from August 2021 to August 2022. (CREA)