If you think that you’d need to leave Ontario to be able to afford a home, you might be shocked to learn how much cheaper some locales in the province are than others at the moment.
For those willing to abandon the GTA and set their sights further north — which is surely easier than relocating elsewhere in Canada or immigrating to another country altogether — real estate in the least expensive city in the province is now a staggering $1.6 million less, on average, than in the most costly city.
And, surprisingly, the city with the most exorbitant prices isn’t even Toronto anymore; in fact, the 6ix didn’t even make the top five.
According to the latest report from the experts at Canadian brokerage site Zoocasa, based on July’s figures, the township of King holds the title for the priciest Ontario city to live in, at least as far as purchasing a house is concerned.
The average price of a residence in the GTA community, which has a population of just under 30,000 as of 2021, has hit a whopping $1,927,333, which amounts to a monthly mortgage payment of $9,003 at current rates.
Second to King — which encompasses King City, Nobleton, Kettleby, Schomberg and others — is the somewhat-notoriously bougie Oakville, with an average price of $1,528,833 (equating to a mortgage bill of $7,141 per month).
Rounding out the top five last month were Whitchurch-Stouffville ($1,508,282 home price/mortgage payment of $7,045 a month); Uxbridge ($1,478,565 price/$6,906 mortgage); and Richmond Hill ($1,423,068/$6,647).
The most and least expensive municipalities in Ontario, as per Zoocasa’s July 2023 stats.
On the other end of the spectrum, Sault Ste. Marie has been named the most affordable city for housing, with a standard home setting you back about $348,889, with a mortgage of $2,013 per month — far cheaper than renting a one-bedroom apartment in Toronto.
Also extremely cheap compared to anywhere in the GTA are Thunder Bay ($375,059 for the typical home and $2,164 per month for a mortgage); North Bay ($415,191/$2,395); Sudbury ($473,235/$2,730) and Windsor-Essex ($554,277/$3,181).
These selling prices may be considered normal or even on the higher end for many other cities and towns in North America, but given that you’ll have to fork out an average of $670k for a home in Canada at large, these are some pretty serious deals.
That is, for those who are willing to transplant their life a good 7.5 hours north of Toronto to settle in one of a few communities that don’t have the best reputations.
Lead photo by
Alan Newton Real Estate, Brokerage via Strata.ca
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
