Being born and raised in a big city, Prateek Ghatage, 35, didn’t expect himself to be buying his first home in a smaller city in the Midwest.
The infectious-disease physician, who grew up in Mumbai, India (population: 12.5 million), had just finished a fellowship in Vermont and moved to work at a local hospital in Topeka, Kan., in 2020.
Ghatage had considered buying a home when he moved during the pandemic, browsing through Zillow ZG,
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trying to contact agents to set up appointments, and attending some open houses. But he never really sunk his teeth into the process, and opted to rent instead.
“I didn’t have a plan to buy. I had just come back from India a few months ago, and thought I was going to continue with the [rental] lease,” which was up for renewal in early August, Ghatage told MarketWatch.
But when a nurse at his hospital asked him why he was renting a home for $1,350 when he could be paying the same amount toward a mortgage, a light went off in his head.
“For the last couple of years, I’ve tried to buy, but I was very new to the area,” Ghatage said. “The whole thing was really new to me.” At the time, he also had difficulties getting in touch with listing agents as well as mortgage lenders.
The colleague offered to introduce him to her friend, who was a real-estate agent. Ghatage accepted, and he began house hunting.
The doctor is far from alone in choosing to buy in Topeka. In fact, the city is one of the hottest emerging real-estate markets in the U.S., according to the WSJ/Realtor.com® Fall 2023 Emerging Housing Markets Index, released Wednesday.
The house in Topeka that Prateek Ghatage recently purchased for $400,000. While the national median home price in September was $430,000, the typical home in Topeka was just $250,000 — 42% less.
Courtesy of Prateek Ghatage
Looking at the top 300 most populous metro areas and analyzing them by a number of factors including a city’s economic health and quality of life, unemployment trends, wages, cost of living and projected home-price appreciation, the real-estate company ranked Topeka as the No. 1 emerging market.
Other cities in the Midwest made the top five, including Elkhart-Goshen, Ind., Oshkosh-Neenah, Wis., Fort Wayne, Ind., and Lafayette-West Lafayette, Ind.
The Top 20 Emerging Markets for Fall 2023, according to Realtor.com
1. Topeka, Kan.
2. Elkhart-Goshen, Ind.
3. Oshkosh-Neenah, Wis.
4. Fort Wayne, Ind.
5.Lafayette-West Lafayette, Ind.
6. Racine, Wis.
7. Manchester-Nashua, N.H.
8. Concord, N.H.
9. Columbus, Ohio
10. Johnson City, Tenn.
11. Kingsport-Bristol-Bristol, Tenn.-Va.
12. Jefferson City, Mo.
13. Springfield, Ohio
14. Santa Maria-Santa Barbara, Calif.
15. Dayton, Ohio
16. Janesville-Beloit, Wis.
17. Canton-Massillon, Ohio
18. Knoxville, Tenn.
19. Hartford-West Hartford-East Hartford, Conn.
20. Worcester, Mass.-Conn.
Some of the key reasons why the Midwest is considered an “emerging” housing hot spot are its affordable housing as well as its relatively low cost of living. While the national median home price in September was $430,000, the typical home in Topeka, for instance, was just $250,000 — 42% less.
Liesel Kirk-Fink, a Topeka-based real-estate agent with Kirk & Cobb Inc. who worked with Ghatage, told MarketWatch that homes priced within the range of $150,000 and $250,000 are particularly hot in the city.
“You look at a $250,000 [house] and people are competing for it,” she said. “People are buying as-is, no inspections, paying over asking price. … These homes are going very fast.”
Kirk-Fink, who grew up in Topeka, said that part of the allure of the city was the lower cost of living for those who are considering moving from more expensive areas. There are also many employers there — from a new mall operator to the Frito-Lay PEP,
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plant to medical institutions. Topeka, with a population of about 125,000, is also the state capital and home to Lake Shawnee, arts and entertainment districts, and the Evel Knievel museum.
For home buyers considering a move to Topeka, the winter season is slow, Kirk-Fink added, tracking seasonal trends. Even though high mortgage rates are weighing on some aspiring homeowners, Kirk-Fink said, some buyers like Ghatage aren’t spooked.
“Topeka and the surrounding territory are still among the most affordable markets in the country at approximately half the median price,” she added.
Kirk-Fink and Ghatage viewed nearly 20 open houses, and Ghatage was able to find something he liked in the $400,000 price range. The homes below $200,000 required work, and newly built houses were too pricey and unappealing given how much smaller they were.
Ghatage recently closed on his first single-family home in Topeka at $400,000, with a 30-year mortgage at a rate of 7.49%. He put 10% down.
Prateek Ghatage, an infectious-disease doctor, just bought his first house in Topeka, Kan. He likes the less hectic pace there. The lower cost of living was also a draw.
Courtesy of Prateek Ghatage
Ghatage said moving to Kansas was a “definitely an adjustment” at first. But he’s come to enjoy the city’s pace of life, which feels less hectic than it did when he lived in New Jersey for three years before his stint in Vermont.
“Life is easy over here,” Ghatage said.
The lower cost of living is definitely a draw, and it leaves room for spending on other things, he said. He’s hoping to fly his mom over from India to visit him and his brand-new home for Diwali, a Hindu festival celebrated in November.
“Even if it’s expensive [to book tickets so close to the date] … I will still go ahead and bring her here, because it’ll be nice for her to spend time with me and the new home,” Ghatage said.
His only regret? Not buying back at the start of the pandemic.
“I keep on regretting not buying in 2020 because this home that I bought was $80,000 cheaper,” Ghatage said. “And that’s when rates were so low. If I could do it again, it would’ve been an awesome financial decision.”
(Realtor.com is operated by News Corp subsidiary Move Inc., and MarketWatch is a unit of Dow Jones, which is also a subsidiary of News Corp.)
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.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
