Many people have noticed that the market for real estate has been on an upswing recently, priced out of their local markets and seeking housing affordability elsewhere. Indeed, suburban and rural markets in Ontario have taken in a lot of the spillover from the coronavirus pandemic, appealing to homebuyers with their lower price points, higher square footage and acres of green space.
This new-found demand has put upward pressure on prices, but this does not mean that all Ontario real estate markets are out of reach for first timers, families or new Canadians. The latest data from the Canadian Real Estate Association shows that average home prices in Canada have fallen by 12% over the course of one year, to $632,802 in November 2022.
Based on RE/MAX Canada’s 2022 Housing Affordability Report, there are still many major housing markets across Canada that sit below this national average price. Falling home prices are a trend that is expected to continue into 2023 as higher interest rates make mortgages more costly.
Toronto is one of Canada’s most expensive cities when it comes to real estate; nonetheless, there are affordable options available in Ontario if you’re looking for a place to call home. So where can you find the biggest bank by population?
For more inforamtion on this topic: https://blog.remax.ca/re-max-the-most-affordable-housing-markets-in-ontario-real-estate/