North Bay named second-best place to buy real estate in Canada

A national ranking of the best real estate bargains in Canada has North Bay second on the list, just behind Moncton, N.B.

The ranking, by the online financial magazine Moneysense.ca, rates cities on such criteria as price, value and whether housing prices are above or below the national average.

It lists the top 45 communities and the Gateway city was the only place in northern Ontario to make the cut.

"The pace of price gains in Canada’s real estate market over the past two years can only be described as staggering, as if powered by rocket fuel," said a post on the Moneysense website.

"Between January 2020 and March 2022, the average home price soared from $504,350 to $795,952, according to Canadian Real Estate Association data, though the average price has started to decline in recent months. The result? Many Canadians have reconsidered where and how they want to live, today and in the future."

With remote work increasingly popular, many Canadians have more options of where they can live. One of the reasons North Bay scored so high in its rankings is location, the magazine said.

"North Bay is located only 125 km from Sudbury and just under 350 km from Toronto, making it easy to access the kind of amenities and services often only found in larger city centres," the post said.

"Offering access to high-speed networks and a growing number of remote-work opportunities, North Bay is labelling itself as one of the best places to do work from anywhere.”

While average home prices in the Gateway city have risen 88 per cent in the last five years, at $385,100 they are still $343,000 lower than the national average and $640,000 lower than the price in Toronto.

Viable option

"This has made North Bay a viable option for those willing to go farther north for an opportunity to get onto the property ladder," the magazine said.

"In 2021, North Bay’s housing market saw exciting growth, with composite benchmark home prices increasing by 42 per cent. That’s the highest growth rate in Ontario. On a national level, it’s matched only by rising home prices in Chilliwack, B.C."

Even with downward pressures on home prices like high inflation, rising interest rates and new government policy, the magazine said North Bay has experienced exponential growth in the first quarter of 2022.

"The city saw prices increase by nearly seven per cent in March and 17 per cent in the past three months," the magazine said.

"By the end of March 2022, the benchmark home price reached $451,700."

While ranking the city high on its list, the magazine reminds readers that it's cold in the north:

"Bundle up if you’re planning to move to North Bay. It’s a little chillier than more southern areas, with an average winter temperature of -14 C. The average summer temp is just 23 C."

Read the full post here.