Real eState

Ontario housing market: What $1 million will get you | CTV News – CTV News Toronto

Published

1 month ago

May 17, 2022

Megan Johnson

Both the Canadian and Ontarian real estate markets saw a record-breaking first quarter in 2022, with housing prices reaching new heights and sellers remaining well-positioned.

As of March, the average price of an Ontario home was $1,052,920. In the Greater Toronto Area, the average price is sitting at $1,269,900.

The Greater Toronto Area isn’t the only area breaking real estate records in the first quarter of the year either — prices of detached homes in the four Golden Horsehsoe communities — Barrie, Cambridge, Kitchener-Waterloo and Oshawa — all surpassed $1 million for the first time.

The rise in prices is indicative of a larger national trend. Since last year, the national average home price climbed by more than 20 per cent to hit a record $816,720 in February.

With so many price tags hovering around the $1-million mark, buyers might be wondering how far a budget of that amount could get them across Ontario’s real estate markets.

Well, it depends on where you’re looking.

Here are a selection of Ontario real estate listings for under $1 million.

TORONTO

117 North Bonnington Ave can be seen above. (RE/MAX)

Address: 117 North Bonnington Avenue, Toronto, ON.

Property type: Townhouse

Asking price: $999,900

Bedrooms: Three

Bathrooms: Two

KITCHENER

22 – 93 Gage Ave can be seen above. (RE/MAX)

Address: 22 – 93 Gage Avenue, Kitchener, ON.

Property type: Condo

Asking price: $829,000

Bedrooms: Three

Bathrooms: Three

WINDSOR

533 Mountbatten Crescent can be seen above. (RE/MAX)

Address: 533 Mountbatten Crescent, Windsor, ON.

Property type: Detached home

Asking price: $999,900

Bedrooms: Four

Bathrooms: Three

NORTH BAY

59 Janey Avenue can be seen above. (RE/MAX)

Address: 59 Janey Avenue, North Bay, ON.

Property type: Detached home

Asking price: $779,900

Bedrooms: Five

Bathrooms: Three

OTTAWA

711 Spring Valley Drive can be seen. (Google Maps)

Address: 711 Spring Valley Drive, Ottawa, ON.

Property type: Detached home

Asking price: $999,900

Bedrooms: Four

Bathrooms: Three

NIAGARA-ON-THE-LAKE

23 Windsor Circle can be seen above. (RE/MAX)

Address: 23 Windsor Circle, Niagara-On-The-Lake, ON.

Property type: Townhouse

Asking price: $999,900

Bedrooms: Four

Bathrooms: Four

THUNDER BAY

2316 Falconcrest DrIve can be seen above. (RE/MAX)

Address: 2316 Falconcrest Drive, Thunder Bay, ON.

Property type: Detached home

Asking price: $969,000

Bedrooms: Four

Bathrooms: Four

HEARST

908 Halle Street can be seen above. (RE/MAX)

Address: 908 Halle Street, Hearst, ON.

Property type: Detached home

Asking price: $750,000

Bedrooms: Four

Bathrooms: Two

LONDON

1177 Crumlin Sideroad can be seen above. (RE/MAX)

Address: 1177 Crumlin Side Road, London, ON.

Property type: Detached home

Asking price: $999,000

Bedrooms: Five

Bathroom: Three

BARRIE

207 Dunsmore Lane can be seen above. (RE/MAX)

Address: 207 Dunsmore Lane, Barrie, ON.

Property type: Detached home

Asking price: $999,000

Bedrooms: Six

Bathrooms: Four

With files from CP24’s Chris Fox.

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Real eState

Simplicity Changes the Real Estate Conveyancing Software Landscape in Ontario with Launch of Prolegis – Canada NewsWire

Published

9 hours ago

June 27, 2022

Megan Johnson

‘Simplicity is incredibly pleased and excited to offer Ontario real estate lawyers and conveyancers a fresh new choice in a legal software provider. Collaborating with our valued customers and a network of trusted stakeholders, we are building a better, brighter future for real estate legal professionals and Canadian homebuyers. At Simplicity, we envision a future where innovative technology is at the forefront of enhancing the customer experience in the real estate ecosystem. We are committed to helping advance technology utilization and adoption within the real estate sector by providing solutions that are user-friendly, easy to implement, and economical to acquire and operate.’ said Neil N. Babiy, Co-Founder and CEO of Simplicity Global Solutions Ltd.

About Prolegis Real Estate

Prolegis is a powerful, easy-to-use, cloud-based real estate conveyancing solution built for lawyers by lawyers. The solution integrates seamlessly with a real estate practice, providing a rich set of tools and information to help each user unlock exciting new levels of performance, customer engagement, and work-life balance.

Prolegis provides customers with exceptional value:

Thoughtfully designed to save time with all the capabilities and key third-party integrations needed to convey a real estate transaction efficiently and economically.
User flexibility to configure and organize work, communicate with clients, and manage the real estate transaction end-to-end from a single solution; anytime, anywhere.
An extensive library of precedent document templates, powerful document and workflow management tools, community databases, stakeholder portals, and real-time support.

Prolegis Real Estate raises the competitive bar with its unique set of Communication, Practice Management, and Document Preparation tools which enable quick, easy, and accurate processing of real estate transactions.

Ontario real estate lawyers and conveyancers can click here to Learn More about Prolegis and to Book a Demo. Simplicity has highly skilled Customer Success Specialists in place across Canada to welcome new customers.

Click here to view a Prolegis Product Teaser Video.

About Simplicity Global Solutions Ltd.

Simplicity Global Solutions Ltd. is a Canadian technology company offering innovative, secure, cloud-based solutions designed to inter-connect lawyers, real estate professionals, mortgage professionals, lenders, registry services, title insurers and the end consumer to offer quick, easy, accurate and secure sharing of information. Simplicity’s mission is to interconnect all real estate and lending stakeholders to enable the frictionless flow of information across the entire real estate and lending lifecycle to eliminate inefficiencies while improving productivity for consumers and industry participants.

Additional information can be found at www.prolegis.ca and www.simplicity.global

SOURCE Simplicity Global Solutions Ltd.

For further information: Media and investor contact: Neil N. Babiy, Co-Founder and CEO, Simplicity Global Solutions Ltd., [email protected], (587) 899 1147

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Real eState

This Ontario city has the most overvalued real estate market in Canada – blogTO

Published

10 hours ago

June 27, 2022

Megan Johnson

Good luck buying a home anywhere in Ontario right now, as meteoric price gains and a historic inflation spike push housing markets in the province further out of reach.

And as bad as things are in the Greater Toronto Area in 2022, rampant speculation is not limited to urban centres. According to one housing market assessment, Peterborough is now the single most overvalued housing market in the entire country.

Moody’s Analytics has ranked Peterborough, Ontario, at the top of the list for most overvalued housing markets in the company’s fourth-quarter assessment of housing price valuations in Canada.

Peterborough’s 107.8 per cent valuation comes after years of substantial price growth for the municipality northeast of Toronto.

Though with an average annual household income of about $70,000 and the average May 2022 selling price climbing nearly 19.8 per cent to $836,843, the city’s market is firmly on the unattainable side of the scale.

According to RE/MAX Canada’s analysis of the valuation, recent activity “has first-time homebuyers priced out of the market, especially local buyers,” adding that “too many prospective homebuyers are still stuck waiting to achieve the dream of home ownership.”

Experts attribute Peterborough’s valuation to factors like rampant investor speculation, blind bidding, and low interest rates.

Despite all the doom and gloom, home sales took a nosedive in the region in May, sales falling at an annualized rate of 34.3 per cent with a year-over-year decline of 18 per cent and a 17.7 per cent dip below the ten-year average.

Though May home prices leapt significantly in May, this downturn in demand could soon translate to decreasing value.

A spike in supply could further ease conditions, though Kate Kidd, President of the Peterborough and the Kawarthas Association of Realtors, says “it’s going to take more than a few months of stronger supply to have any meaningful impact on the market balance in the long term.”

After Peterborough, Canada’s second most overvalued housing market was also found not too far from Toronto, with St. Catharines-Niagara’s market valued at 106.9 per cent.

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