A house for sale in Kingston, Ontario.
if you're looking to buy a house in Ontario, you're probably well aware of just how expensive the real estate market is. But, if you look hard enough, you can still find cheap homes for sale.
The question is, where?
A new report looks at just that — the cheapest cities in Ontario to buy a home this summer, and there are plenty of affordable options in the Ontario real estate market, especially when you look outside of the Greater Toronto Area (GTA). Not only that, but in these cheaper locations, the price of a house has also been getting cheaper over the last year.
This new report from Zoocasa has found the five cheapest cities to buy a home in the province and also noted just how expensive homes are the closer you get to Toronto.
"The average home price in all of Ontario was $922,700 according to data from the Canadian Real Estate Association," reads the report, citing data from the Canadian Real Estate Association for May of 2023. "Of the 28 cities analyzed, nearly all are below that number, showcasing how much of an impact the GTA real estate market has on influencing average prices."
Zoocasa also pointed to data showing that while home prices across Canada have been dropping since 2022, homes for sale in Ontario's major cities such as Toronto, Mississauga, Hamilton-Burlington, Guelph & District, Cambridge, and Kitchener-Waterloo all have average home prices that are well above the country's average of $754,700.
The report said this reality has left aspiring homebuyers "to wonder where the affordable entry points into the Ontarian real estate market are."
Luckily, they've also found them, too, after combing through 28 Ontario cities to find the best options.
Here are the five Ontario cities with the most affordable homes for sale this summer and what's currently up for sale in each market.
Kingston
A house for sale in Kingston.
Rounding out the top five is the City of Kingston, where the benchmark price for a home is $555,200. That price is 9.7% (or nearly $60,000) lower than the same time last year. On average, a mortgage payment for a home of that value would be $2,568 monthly.
What's for sale: 455 Molly McGlynn St. Kingston, ON
This 1,267-square-foot townhouse with three bedrooms and three bathrooms is currently on the market for $534,000. While it may look dated from the outside, much of the inside appears newly renovated. The open-concept main floor features an island with bar seating and stainless-steel appliances. The three bedrooms upstairs all have hardwood flooring. The basement could use some love though, with a partially finished rec room. And while there is a fenced-in "low maintenance" backyard with lots of space for patio furniture, previous owners opted for rocks instead of grass.
Bancroft (and area)
A home for sale in Bancroft.
Homes for sale in the Bancroft area of Ontario are among some of the most affordable options this summer. With a benchmark price of $496,500, the real estate market has seen the smallest price drop of any market on this list in the last year, down less than 5%. Your average monthly mortgage payment for a home of this value would be $2,297.
What's for sale: 7 Monck St. Bancroft, ON
Currently listed for sale at $359,000, this four-bedroom, two-bathroom might be the definition of unique, so much so that the listed invited potential buyers to, "bring your imagination!". The bungalow does have plenty of nice features, from some brand-new stainless-steel appliances to its abundance of yard and patio space. However, the home appears to belong to a different century, with green kitchen countertops and a bathroom painted the same colour, a bedroom with wallpaper, and bright red shag carpets spanning the entire living room with couches to match. Despite the advertising, "real hardwood floors underneath some of the carpet," it's not clear if that's shag included.
Sudbury
A home for sale in Sudbury.
Stepping into the top three most affordable cities to buy a home in Ontario this summer, Sudbury's benchmark price is $451,000. That price is down by 5% from 2022. For a home of this price, your average monthly mortgage payment would be $2,086.
What's for sale: 76 Eclipse Cres. Sudbury, ON
A three-bedroom, three-bathroom house for $449,900 is just about unheard of anywhere in southern Ontario, but if you're willing to move north, this is a great example of how far your money can go. This modern, semi-detached home has an open-concept main floor that makes the house feel twice as big. Perhaps only more modern than the kitchen is the grass-like accent wall next to one of two dining areas. The house also has a nice, big backyard. The only drawback you could get picky about is the unfinished basement.
North Bay
A house for sale in North Bay.
With a benchmark price of $409,300, North Bay was named by Zoocasa as the second most affordable city to buy a house in Ontario this summer. Real estate prices there have taken the biggest dip over the last 12 months, having dropped $46,200 or 10.1%. Your average monthly mortgage payment at this price would be $1,893.
What's for sale: 1208 McLeod St. North Bay, ON
This three-bedroom home in North Bay is listed for $399,000 and is described as being, "as turn key as one can find in our city." With standout maple flooring, quartz countertops, and white tones throughout, this home has a classic modern feel. The main floor and the basement mirror each other, with two bedrooms upstairs and one downstairs. However, with a carport instead of a garage, this home could present some challenges in the winter.
Sault Ste. Marie
A home for sale in Sault Ste. Marie.
Sault Ste. Marie is officially the most affordable city in Ontario to buy a home right now. Boasting a benchmark price of $287,600, which is $600,000 below the provincial average, home prices in Sault Ste. Marie have dropped 7.3% in the last year. Your average monthly mortgage payment for a house of this price is also only $1,330, a price much lower than most Canadian pay to rent an apartment.
What's for sale: 176 Tancred St. Sault Ste. Marie, ON
Homes for under $300,000 do still exist in Ontario. This three-bedroom, two-bathroom century home is listed for $259,900. First built in 1920, the home has a mix of history and modern updates with updated stainless-steel appliances and a kitchen island. The upstairs features large bedrooms, a mix of new and old hardwood flooring, and the primary bathroom has a clawfoot tub. What you save on this house could go towards updating the unfinished basement.
View listing on Century 21.
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