Monday, 06 April 2020

A Look into the Ontario Real Estate Market

Written by Posted On Friday, 22 November 2019 03:03

With home prices on the rise in one of Canada's most popular areas, explore the Ontario real estate and housing market when considering a move.

There are a lot of perks to moving to Ontario. Canada's most populous province contains its biggest city, Toronto, as well as the majority of the country's economic, cultural, and political institutions.

It is also a center of global commerce and culture, with some areas of the province boasting a 51% rate of foreign-born residents. The whole world is moving to Ontario, and if you're included in that, congratulations!

Before you go, there are a few things you should know about the Ontario real estate market, so that you aren't caught off-guard. From prices to areas, to regulations, here are the key things you need to know before buying real estate in Ontario. 

Prices Differ Vastly Across Ontario Real Estate 

The first thing worth noting is that, while prices in Ontario are typically higher than the national average, they vary hugely across the province. 

If you're looking for things to do in Ontario, Toronto is typically the region of choice. The average house price in Toronto, the most expensive market in the province, stands at around $806,000.

Meanwhile, the average house price in nearby Thunder Bay is a mere $227,750. If you're working on a limited budget, it's worth checking out the popular commuter towns near the big cities, as you will get much more bang for your buck there. 

The Rental Market is Hotter Than Ever 

While the buyers market is cooling off in 2019, the rental market is still hotter than ever. This is great news if you own a property in Ontario Canada and wish to lease it out.

A one-bedroom property in Toronto typically rents for an average of $2230 a month, meaning significant returns exist for owners.

There is a highly developed industry catered to owners who wish to sublet their property, with companies such as able to do all of the legwork for you.  

The Market for Buyers Has Cooled Down in Recent Years 

While the rental market is still white-hot, prices for buyers have settled down after years of increases. The average home price of Ontario Canada real estate now stands at around $440,000.

This represents an increase of just 1% over the previous year. This trend is predicted to continue over the next several years as the market cools.

Although this slower rate of growth might sound like bad news for buyers, it helps explain why subleasing is becoming a more attractive option, as it currently promises better returns. 

Buying Property as a Foreigner is Straightforward 

As mentioned earlier, Ontario welcomes residents from all over the world. Part of this is due to the province's friendly legislation when it comes to foreign buyers.

While the local government introduced a non-resident tax of 15% in order to curb speculation, foreign buyers who actually intend to live in the province face virtually no restrictions on buying a home.

As long as you can prove that you live in the province for most of the year, you can enjoy the same property rights as a Canadian citizen. 

Learn More 

This is just a guide to getting you started with Ontario real estate. To learn more more about buying the home of your dreams, make sure to consult our detailed Real Estate section for expert advice and opinions.

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tracy handy

Tracy is a full-time real estate advisor and blogger. she specializing in real estate technology .and she would like to write real estate,  home improvement topics.
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