Ontario’s Cheapest Spots To Buy A Home In 2022 Were Released & Some Are Still Expensive
Is your New Year's goal to become a homeowner?
When the clock strikes midnight this year, are you wishing for a pair of shiny new house keys?
Housing affordability has made homeownership a pipe dream for some people in Ontario with a lack of housing supply and rising prices, and it's not going to be getting any cheaper anytime soon, according to Re/Max.
Re/Max just released their 2022 predictions for the market, and spoiler alert – the new year will not be bringing more affordable housing.
According to Re/Max's 2022 Canadian Housing Market Outlook Report, Canadians can expect "steady price growth" across the real estate market "with inter-provincial migration continuing to be a key driver of housing activity in many regions."
Housing supply shortages will also play a role in pricing as the shortage will most likely continue into the new year, driving up prices.
Canadians can expect to see a 9.2% increase in average residential sales prices because of these circumstances across the country, according to Re/Max.
The report predicts the cheapest spot to purchase a home in Ontario will be Thunder Bay, with the estimated price increasing by 10% from 2021 to $300,685.73. The second cheapest option will be in Sault Ste. Marie with prices predicted to rise to an average of $312,903.50.
However, even the cheapest spots in Ontario still crack over half a million dollars. The fifth cheapest spot, Windsor, is expected to rise to $591,805.89.
The most expensive area to buy a home in 2022, surprisingly, won't be Toronto. Instead, York Region is predicted to be the most expensive area with an average price estimate of $1,403,767.20.
The five cheapest areas to buy a home in Ontario in 2022, according to Re/Max's new report, are as follows.
- Thunder Bay, $300,685.73
- Sault Ste. Marie, $312,903.50
- North Bay, $406,640.00
- Sudbury, $422,500.05
- Windsor, $591,805.89