Toronto housing market may have seen a steep decline from its former glory, but buyers still need to earn more than a hefty $200k per year to be able to nab the typical house or condo in the city, which still averages around $1.1 million, even while no one is biting.
Those who were holding out hope that a dearth of sales activity might foster greater affordability will not likely want to hear that prices in the region are only starting to heat back up for some homes—but there are still many places in the province where one can easily buy a property for under the dreaded $1 million mark.
In its fall 2024 forecast, realty giant RE/MAX says prices will creep up in most parts of Canada, except for places like Toronto, Hamilton, Burlington and Kitchener-Waterloo. Unfortunately, the 6ix and other GTA cities are perennially overpriced, even amid a market downturn, so this doesn’t mean much for the average buyer.
However, the firm does predict what properties will cost in various parts of the province by year’s end and shows where they will still remain cheap (by Toronto standards).
While a Toronto home is anticipated to cost around $1,093,483 when 2024 comes to a close, homes in nearby cities like London, Peterborough and Niagara will be going for much less, RE/MAX’s experts say.
Prices for homes in different Ontario markets from RE/MAX’s fall 2024 outlook
More northerly places like Timmons ($277,217), Thunder Bay ($392,569) and Sudbury ($506,435) will, as always be the least expensive, but Windsor ($579,260), London ($650,553), Kingston ($661,462) and Ottawa ($680,740) are also set to boast average price tags under $700k — less than most downtown condos.
Prices in Muskoka ($711,769), Niagara ($711,731), Peterborough ($711,769), Kitchener-Waterloo ($758,335), Hamilton ($785,308), Barrie ($806,606) and Durham Region ($943,340) are also slated to stay under seven figures by New Year’s.
Prices for homes in different Ontario markets from RE/MAX’s fall 2024 outlook
Still, many Canadians are justifiably pretty low on hope that they will ever be able to own anything in this country.
“Despite some consumer confidence starting to return to the market this season, the reality is Canadians are still grappling with some serious housing affordability challenges rooted in lack of supply,” RE/MAX writes.
“Yes, borrowing is becoming less expensive, but this won’t make housing affordable in the long run.”
