Posthaste: Housing market correction is hitting these cities the hardest — and they’re not Toronto or Vancouver

Canadians have watched a historic housing correction unfold over the past year, but much of the attention has been focused on the major cities, especially Toronto and Vancouver, the country’s most expensive markets.

Yet a closer look reveals that it is smaller communities that are feeling the worst sting of Canada’s housing boom and bust, according to a new report by Desjardins economists Randall Bartlett and Marc Desormeaux.

“Many smaller centres saw the most eye-popping price gains during the pandemic and are now experiencing the most significant home value declines as the housing correction proceeds,” said the economists.