Ontario Homes Are Selling Way Over Asking & Here Are Cities To Avoid To Save Your Wallet

Ontario homes are currently selling for way over the asking price in some cities and it might hurt your wallet if you're looking to buy.

According to a new study by Zoocasa, the aftermath of COVID-19 has caused the province's smaller cities to become hot spots for "unprecedented price growth" thanks to a desire for space and remote work.

The top five cities in Ontario where homes are currently selling for way over asking are Ottawa, Whitby, Windsor, Oshawa and Ajax.

Ottawa is the worst, with an average price spike of 27.88% and average listings of $523,842 selling for $669,874.

Meanwhile, Whitby has seen an average list-to-sold increase of 16.42%, with listings of $938,831 selling for over $1 million, on average.

"Notably, three of the top-five markets are located in the Durham Region, long considered a hot alternative to the City of Toronto, at a commutable distance," an excerpt from the report reads.

However, if you're looking to score a house under asking, there are some spots to look. Caledon, Oakville and Kingston all have the biggest decreases in the selling price from the list price, on average.

In the month of September, homes in Caledon sold for 42.73% less than what they were listed for, with average listings of $2,784,334 selling for $1,594,531.

If you're wondering how much rent used to be in Ontario, well, you're in luck. Someone in Kingston found an old newspaper from 1972 that shows just how much rent used to cost for some apartments back in the day.

Reddit user sppdcap shared a photo of the vintage paper that they found on r/KingstonOntario (interestingly they're not the first person recently to find old newspapers from earlier on in Ontario's history).

Keep Reading Show less

It seems like Ontario is continuously breaking records, but this one does not exactly boast any bragging rights. Ontario just saw the largest number of people leave the province since the early 1980s.

According to a recent report from RE/MAX that used data from Statistics Canada, close to 12,000 residents said goodbye to Ontario to move to a different province or territory in the country in the second quarter of this year.

Keep Reading Show less

At this point, Ontario is well-known for its nearly impossible-to-own real estate. But a new report revealed that property taxes aren't so bad in some Ontario cities, which could make buying a home slightly more attainable.

A report by Zoocasa broke down property tax rates across the province over the past year, which varies greatly depending on where you live.

Keep Reading Show less

Ontario Plans To Get A Special Task Force That Will Look To Make Housing More Affordable

The task force will work to "make housing more affordable for hardworking Ontarians."

Ontario plans to get a Housing Affordability Task Force to help make housing more attainable for people as prices continue to increase.

In the fall economic statement, Ontario announced a proposal "to establish a Housing Affordability Task Force to provide recommendations to the Minister of Municipal Affairs and Housing on potential further actions to make housing more affordable for Ontario families."

Keep Reading Show less