Here are the few places in Ontario where you can still buy a home for relatively cheap
Even in the midst of elevated interest rates and an economic recession — along with the dwindling home sales numbers and market uncertainty they've caused — it's still near-impossible to find a house or even condo for sale in Ontario that's remotely affordable for the average resident.
Anyone who lives in the province can tell you it is the worst in Canada for buying a house, with Toronto, in particular, qualifying as one of the most overvalued housing markets in the world.
Yes, more homes sitting on the market for longer and going for below their asking price, but economists still expect home prices (and everything else) to only get more exorbitant in the coming years.
But, compared to the average price of $815,300 across Canada and $1,125,928 in the GTA specifically, there are still some deals to be had — yes, even in Ontario, if you're willing to relocate.
A new report from real estate listing site Zoocasa outlines whereabouts in the country the average price of a single-family home currently falls below the national average.
It finds there are, surprisingly, still quite a few options, even if the prices are still higher than much better real estate elsewhere in the world.
If you're set on staying in Ontario, you can still nab a home for less than $800k in Ottawa, where the average price is $727,500 as of last month. Niagara Region ($666,200) and London & St. Thomas ($639,700) are two more areas where the typical home has actually dropped in price from September.
For even less, you can have a place of your own in Windsor-Essex, where the average price of a single-family home is now $629,700.
The cheapest as far as major Ontario cities go is Sudbury, where the average home is only $449,400 — and that's a nearly 10 per cent jump from the month prior.
Sudbury's prices are comparable to farther Canadian cities known for being cheap, such as Saskatoon ($432,200), Edmonton ($424,000) and Montreal ($610,800).
And if you're happy to move further afield, the cheapest metropolitan areas in the country right now are Quebec City, with a price of $383,200 for the average single-family home; Winnipeg, with a price of $359,600, Regina at $326,300; and Saint John, where you can own a house for just $298,600.
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