HOME AFFORDABILITY IN ONTARIO
The probability of families affording a home in Ontario for less than $250K in today’s market
Published by Hillfield Properties on 22nd September, 2021
There has meant a surge in real estate activity in other areas, especially in surrounding suburbs due to an ongoing mass departure of people from Toronto as more and more residents face the reality that they will never be able to afford a home there. This has unluckily meant a spike in real estate prices in many GTA locales — but, there are some Ontario cities and towns where you can still steal a home for a incredibly inexpensive price at least by Toronto standards.
A new report from RE/MAX outlines a number of ideas about the state of the housing market in Canada at large, including where in the country there are still deals to be had for would-be homeowners even if you are a newbie. This may mean moving quite far from the GTA, depending on what your budget looks like. Contact our professional consultant at Hillfield Properties who can help you realize your dream of home ownership working with your budget and timeframe.
If you are in the market for an affordable home, let our qualified expert help you find that special dream home and assist with all the necessary paperwork, in an area suited for your family. Some of the more reasonable median price range neighbourhoods for purchasing a residence based on the latest data are:
- Bayview, Sault Ste. Marie – $100,000
- Bellwood, Ottawa – $132,467
- East End, Thunder Bay – $137,550;
- Sandy Street, Chatham – $145,000
- West-End Downtown, Sault Ste. Marie – $165,000
Some Toronto residents may feel places like Sault Ste. Marie and Thunder Bay may be quite the move whereas other areas Chatham-Kent may not seem as impossible. But depending on your financials situation others further down the list can be considered even closer to home.
Other regions where houses cost less than $250K on average you can still get a house for exactly that price, on average include West Side, Windsor; East Side, Bancroft; and Onaping Falls, Greater Sudbury, Prescott, Brockville; Killaloe and Pembroke, Renfrew County; and Porcupine, Timmins.
There are lots of other areas on the list in order from cheapest to expensive, but not unaffordable. Quite a few are less than a three hour drive, and some, such as downtown Peterborough and Crown Point, Hamilton are significantly less.
Considering the new realities of virtual and remote work, perhaps a move elsewhere isn’t all that impractical or impossible and could very well prove to be a viable option for those who still dream of home ownership in these days of uncertainty. At Hillfield Properties we can turn your dream of homeownership into reality by making the entire process easier for you.