You Can Still Buy A Home In Ontario For Under $200K & Here's Where

The data is in folks. Finding an affordable starter home in a large Ontario city isn't hard. It's almost impossible.

According to Point2, a Canadian real estate company, Kawartha Lakes is the only larger city where more than 1% of all homes for sale are less than $200,000.

And if you don't want to move there, your other choices are Waterloo, 0.32%, Hamilton, 0.24%, and Ottawa, 0.14%, which, as you can see, aren't exactly putting up the greatest of offerings for true affordability.

As if that wasn't bleak enough, Point2 reports that 29 cities across Ontario have zero homes under $200,000, including Richmond Hill, Caledon, and wouldn't you know it, Toronto.

"Between British Columbia and Ontario, finding affordable options is almost impossible for homebuyers on a budget. There are simply no homes for sale for less than $200K in Toronto, nor in nearby Mississauga or Brampton. And, although Hamilton and Ottawa do offer shares of such listings, the percentages are negligible," an excerpt reads.

On the bright side, or slightly more optimistic side, home prices are beginning to slow down, with further drops possible by the end of the year.

In fact, the need for housing was so great that it caused the national vacancy rate to fall for the first time in 20 years.

Still, the report warns that settling in Ontario's largest, most desirable cities comes with such an extreme price tag that the chances of finding a starter home remain close to zero.

It's thus looking like compromise will be necessary for millennials looking to settle down in the near future.