Interest rates have brought Toronto's ever-frenzied housing market to a standstill, and yet, despite record-low sales numbers and other concerning trends, average prices haven't slid to anything remotely affordable.

Looking ahead, it's hard to imagine how buyers and sellers in the city will fare in the New Year, with everything hinging on future lending rates, costs of living and the stability of the economy at large.

But, at least one new forecast is anticipating that prices in the GTA and other parts of the province will drop, and that many areas will stay relatively cheap.

According to RE/MAX's 2024 Canadian Housing Market Outlook, released on Tuesday, those eyeing real estate in and around T.O. will be able to take advantage of a buyer's market at points, with the average price slated to be about 3 per cent lower.

Toronto home prices expected to decline even further in 2024👀 https://t.co/HCL6xmiXmJ #Toronto #TorontoRealEstate

— blogTO (@blogTO) November 28, 2023

And while the rest of the province is pretty topsy-turvy as far as expected price spikes and declines, there are a few urban areas where homes will still be considered affordable.

Of 38 large markets analyzed across the country, there are three Ontario locales where you should be able to nab a home for $500,000 or cheaper in the coming year.

Sudbury

Sudbury is about four hours north of Toronto near Georgian Bay, in close proximity to popular vacation spots like Tobermory and Killarney.

The typical home here is projected to cost $492,580 next year, which is actually a 4 per cent jump from the current figure. This estimate comes after sales volumes fell a substantial 18.8 per cent from 2022 to 2023, with market interest expected to remain just as low through next year.

Really just leave Ontario. Heck, leave Canada. This country is run by 10 corporations. No one else. No accountability. No affordability.

Canada. It's just not worth the cold anymore.

— Jersey Mike (@jerseymike34) November 8, 2023

Sault Ste. Marie

Even cheaper than Sudbury (but much farther out) is Sault Ste. Marie, where a home is forecasted to cost just $354,290 in 2024. Again, this low number is even after an expected 7.5 per cent jump in average prices for the area, and a 15 per cent jump in home sales transactions after this year's slump.

At more than a seven-hour drive from Toronto, moving to this part of the province may not be desirable or even feasible for most people. But, Sault is only just past the halfway point between Toronto and the next Ontario city on our list.

Thunder Bay

With predictions putting the average Thunder Bay home at only $355,717 next year — marking a two per cent increase from 2023 — the northern Ontario city definitely has its allure for anyone hoping to own a place of their own someday without having to leave the province or the country.

Sales activity is due to rise slightly, by two per cent, after plummeting a staggering 20.4 per cent this year, with only 931 homes sold in total. Thunder Bay was also one of the few regions nationwide that saw a drop in listings over 2023, and a significant one, too (20.9 per cent).

We came to Canada in 1970, by 1972 we bought a home with only my dad working in a factory. You can't do this anymore! Get real. What is affordable in Toronto? Nothing!

— Fey Photeine (@fey_photeine) November 24, 2023

Other affordable spots

An honorary mention goes out to Windsor, where the average price of a home is expected to sit around $603,131 in 2024 — the fourth-cheapest of the Ontario metropolitan areas examined — after dropping a whopping 10.9 per cent to $561,052 this year.

This is compared to Oakville, where prices are anticipated to hit $1,806,740, and York Region, where homes will cost around $1,394,147.

Looking coast-to-coast, the best cities for real estate affordability next year out of those surveyed are slated to be Regina, Saskatchewan ($301,070); Saint John, New Brunswick ($317,211); St. John's, Newfoundland ($350,071) and Moncton, New Brunswick ($350,171).