Achi news desk-
A new report lists the best and worst cities to buy real estate this year in Canada and several Ontario cities are at the bottom.
Where to Buy Real Estate in Canada a report by MoneySense in partnership with real estate brokerage Zoocasa, created a ranking of 45 communities based on value and purchase conditions.
The report suggested that 2023 marks the arrival of a recovery for the real estate market, after a period of turbulent change in 2022. Home prices reached a record high in 2022 before gradually falling in response to seven consecutive Bank of Canada interest rate hikes.
“After years of unprecedented competition, 2023 brought a shift back to a slower home buying process. Compulsive buyers had the opportunity to negotiate more carefully and negotiate at a more measured pace,” said Carrie Lysenko, chief executive officer of Zoocasa.
“However, a stabilization in the market could lead to more activity and a revival in buyer confidence this year.”
Where to Buy Real Estate in Canada reveals the best places to buy property based on several factors including home price growth; benchmark prices; neighborhood characteristics such as income and education levels, and ease of travel by foot, bicycle and public transport; the percentage of households with children; and monthly mortgage payments.
Unfortunately, Mississauga is at the bottom of the list at number 44 as one of the most challenging places to buy real estate. And the Oakville-Milton site is dead last at 45.
Mississauga’s benchmark home price was $1,088,217 in 2023, which is $353,900 higher than the national average.
The report also looked at the growth in prices over the past five years. The report places more weight on the latest data.
For Mississauga, prices dropped seven percent in the past year, according to the report. Although the three-year price growth was 23 percent and the five-year price growth was 42 percent.
The sample late 2023 mortgage payment for Mississauga was $5,653 per month.
Mississauga had a score of 1.1, while the lowest ranked area, Oakville-Milton, had a score of 0.8.
The 2023 average home price in Oakville-Milton was $1,289,633 with three-year growth of 31 percent. Prices also fell by seven per cent in a year. But the five-year price growth was 43 percent.
Oakville-Milton’s benchmark home price was $555,317 above the national average.
A sample mortgage payment at the end of 2023 was $6,699 per month.
The top three places to buy real estate were Greater Moncton, New Brunswick, Saint John, New Brunswick, and Sault Ste. Marie, Ontario, according to the report.
The benchmark Greater Moncton home price was $328,383. That’s more than $400,000 below the national average. The area has the highest value of 4.68 with low house prices and steady economic growth.
A sample mortgage payment comes in at a more reasonable $1,706 per month, significantly lower than the lowest ranked cities.
“Greater Moncton attracts a lot of families, retirees, newcomers, investors – people from all walks of life. Retirees can often live mortgage-free here, while new families can enjoy a slower pace of life with more time with their children,” says local eXp estate agent Jenny Cellly.
See the full report here.
Lead photo: Zac Gudakov
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