“North Bay can be a great place to live if you enjoy the outdoors and want both big-city amenities and that small-community feel,” the report reads. In 2021, composite benchmark home prices jumped 42% - the highest growth rate in Ontario. Of North Bay’s ranking, MoneySense says the city’s affordability makes it a “viable option” for anyone willing to head north in the name of home ownership.
Quinte West and Hastings County had a 2021 benchmark price of $547,500, and a three-year growth rate of 96%.Ĭonsiderably cheaper than the national average price of $887,100, both areas earned a perfect value score of five out of five. North Bay had a 2021 benchmark price of $385,100 and a three-year growth rate of 87%. Each of the 45 cities included on the list received a value score out of five. MoneySense’s Where to buy Real Estate in Canada 2022 report has ranked North Bay as the second-most valuable place to buy real estate in Canada, while Quinte West and Hastings County placed third.Ĭreated in partnership with Zoocasa, the rankings are based on average home prices and recent real estate price growth. “So it’s pushing demand into these different housing types.Toronto may be one of the worst places to buy real estate in Canada, but you don’t have to flee the province to find value. “People are starting to find a mortgage payment stretches them a little too far for a single-family home,” he says. The additional hike of 50 basis points by the central bank earlier this month will further push the market toward balance while continuing to shift sales activity from single-family homes to typically less pricey segments, Gravelle says. The upside is with more homeowners listing, seeing price gains earlier in the year, there are “more options for buyers who have less purchasing power,” he adds. “This means there are fewer buyers who can purchase a home for the same price (in May) as in February or March,” says local realtor Nathan Mol with Live Real Estate. “The pendulum had swung to one side a few years ago, favouring buyers, and then it swung the other way for sellers reaching a peak, and now it’s swinging back to the middle,” he says.Ī cooling factor has been the Bank of Canada increasing its overnight interest rate, which dictates interest rates on mortgages. Gravelle notes the somewhat conflicting numbers likely indicate a market moving from deeply favouring sellers to one with more balance between supply and demand. Meanwhile, row’s price reached about $255,000 up nearly two per cent from April, and more than seven per cent from May last year. Yet sales were off from April this year by nine per cent.ĭuplex/row sales last month followed the pattern of single-family homes up almost six per cent, year over year, while down about 1.4 per cent from April.Ĭondominium apartment’s benchmark price movement was also mixed, reaching nearly $190,000 in May up slightly from April but down slightly from last May.
That was in part due to falling sales for single-family homes, year over year, down about three per cent, even though transactions were higher than this past April by nearly two per cent.Ĭondominium sales, in contrast, rose significantly from last May by nearly 29 per cent.
The benchmark for single-family homes was up almost 10 per cent, year over year, but down 0.1 per cent from this past April. The price was flat from April, however, a result of slower demand for single-family detached homes. This advertisement has not loaded yet, but your article continues below.
0 kommentar(er)
