Torontonians are likely tired of hearing just how frickin' expensive it is to own a home, but (surprisingly) the city doesn't have the priciest real estate across the province.
A recent report from RE/MAX predicted what Ontario's house prices will be in the coming year, and they're expected to get even more expensive.
Prices are also expected to rise across the country. With more and more people moving between provinces, RE/MAX points to inter-provincial migration as one of the key contributing factors to prices increasing. That, and a limited housing supply.
"As a result of these factors, RE/MAX Canada estimates a 9.2 per cent increase in average residential sales prices across the country," the report stated.
The RE/MAX broker network in Ontario predicts the most expensive place to buy real estate in 2022 will be in Oakville, with the average residential cost increasing by 7.5% and coming to $1,696,645.63.
Following that is York Region, with the average residential sale price going up by 10% to $1,403,767.20.
The cheapest spot to buy real estate in Ontario next year will be Thunder Bay, with the average residential price predicted to be $300,685.73.
According to RE/MAX, the six priciest places to buy a home in Ontario next year will be:
- Oakville, $1,696,645.63
- York Region, $1,403,767.20
- Burlington, $1,244,085.57
- Brampton, $1,172,250.36
- Toronto, $1,160,491.20
- Mississauga, $1,150,265.70
Here's What Ontario House Prices Will Look Like Next Year & You Should Avoid These 6 Spots
Source: News Article Viral
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