We've somehow reached a point in the commercialization of real estate where it's a pain to find a home for under a million dollars anywhere near Toronto, especially if you're looking for anything other than a shabby condo.
Even after months of market stagnation, real estate prices in and around the city have not dropped significantly. And experts differ as to whether a sharp increase or a decline is imminent.
Regardless of what the future holds, there are still some areas in the GTA where you can snag a single-family home at a reasonable (by Ontario standards) price, according to a new report from RE/MAX.
This is how much the average home in Ontario is expected to cost in 2025 https://t.co/SztfLAWku9
— blogTO (@blogTO) July 12, 2024
While prices are gradually rising in places like Scucog and Toronto's West End (Islington, Eringate, Etobicoke-West Mall, etc.), there are still some areas close enough to the city where you can get a bargain – and close to home, too.
Buyers looking for affordable prices should look west and north of the city proper, particularly in Durham, Dufferin County and York Region, according to the company.
Based on figures from the first half of the year, Brock, about an hour and a half outside of Toronto, just north of Oshawa toward Lake Simcoe, tops the list of the cheapest places to buy a single-family home in the Toronto or Vancouver area. The average price for a detached home there is just $766,933, about the same as many condos in the city.
Next is Oshawa itself, where the average price for a home is currently $897,818, according to RE/MAX. Also mentioned are the Ontario cities of Orangeville and Georgina, where single-family homes currently average $926,139 and $930,086, respectively.
I refuse to pay more than 450. Off to the USA!
— Blindwillie (@Blindwillie4) May 23, 2024
The report notes that affordable housing in the region is of course always in demand, especially among first-time buyers – a demographic that is likely to be about ten times wealthier today than it was in the past.
The company considers any place with average prices under $1 million to be “affordable,” which says a lot about our times.