Toronto home prices are falling, but not everywhere.

The median home price in the greater Toronto area has slipped 8.9% in the last two months under the weight of back-to-back Bank of Canada rate hikes. This followed a 54.5% surge in two years to a record median home price of C$1.2 million ($930,160) in February.

Those pandemic gains propelled Toronto into the No. 2 spot on the UBS real estate bubble index.

But the declines are masking the resilience of Toronto’s core, where the median price has not fallen but rather climbed 5.2% from February to April.