Sault Ste. Marie most affordable city in Ontario to buy a home
Three northern Ontario cities lead the way in the province when it comes to home affordability, a recent survey found.
The Zoocasa report said a comparison of 28 major cities in the province found that Sault Ste. Marie offered the best bargain, with home prices averaging $295,400 as of August of this year.
North Bay came in second at $402,000 followed by Greater Sudbury at $450,900. The remaining cities are in southern Ontario, ranging from $499,000 in Bancroft & Area to $579,000 in Grey Bruce-Owen Sound.
“As long as buyers are flexible and willing to look well outside of the GTA, there are plenty of affordable cities in Ontario with homes for sale below $600,000,” the Zoocasa report said.
“The top four most affordable cities are unchanged from a few months ago when we last conducted this report, but Simcoe & District has now grabbed the fifth spot which formerly belonged to Kingston & Area, now sixth.”
The report said rising interest rates are offsetting a dip in prices that has taken place since May.
“In North Bay, the second most affordable city, the benchmark price decreased from $409,300 in May to $402,000. Despite this, the average monthly mortgage payment increased from $1,893 to $1,915,” the report said.
“Sudbury, the third most affordable city, followed this trend, as well. The benchmark price in May in Sudbury was $451,000 and the average monthly mortgage payment was $2,086, while in August the benchmark price dipped slightly to $450,900 and the average monthly mortgage payment increased to $2,148.”
More recently, prices have begun to moderate. Home sales in Sudbury dropped by 15 per cent in September 2023 compared to the same time last year.
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The Canadian Real Estate Association said for the first nine months of 2023, home sales were down 23.3 per cent compared to 2022. The average sale price in September was $449,553.
North Bay saw a surge of home sales in September, up by 27.7 per cent compared to a year earlier. The average home price in the city last month rose to $451,651.
More recent statistics for Sault Ste. Marie are not yet available.
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