Three Higher-Value Real Estate Cities Than Toronto
It’s not exactly a secret that your dollar doesn’t go very far in Toronto’s real estate market. The average price of a detached home has now climbed well north of $1 million and it doesn’t appear that it’s going to stop climbing. That makes it a good investment—if you can afford it. After all, the reason those prices are what they are is because it’s one of North America’s most exciting and livable cities.
But there are many cities around the GTA that are equally sound investments where your dollar goes much farther. Here are a three of them.
Brantford
Just 90 minutes outside Toronto, Brantford appears to be the last place that’s relatively close to the city where you can buy a detached home for $300,000, according to Greedy Rates. At least that was true at the end of January 2021. According to local real estate figures the average price for a single detached family home in February 2021 was $687,284, up a whopping 45% over the same month in 2020.
Still, there is tremendous opportunity for future growth. Low unemployment rates, a thriving manufacturing centre, and a university campus. “If you look around Toronto, it’s the only city that hasn’t appreciated as much,” Cory Matthews, a sales representative at Royale Lepage, told Greedy Rates.
That combined with a diversified economy well equipped to weather a downturn, makes it an underappreciated real estate gem in the region.
Hamilton
The city has a long and storied history as a blue-collar, industrial town, but Hamilton now has much more to offer. It’s home to one of the province’s top healthcare institutions and an attractive new dining and art scene. That’s to say nothing of the natural beauty that has earned Hamilton the nickname “The City of Waterfalls.”
According to Canadian Real Estate Magazine, the average price for a two-bedroom bungalow in Hamilton is still below $650,000—more than $350,000 cheaper than the average in Toronto. The city is also continuing to grow, making it a sound bet for first-time homebuyers, families and investors alike.
Whitby
Every year, MoneySense magazine ranks the top neighbourhoods in the Greater Toronto Area for real estate investments based on average prices, value and momentum (i.e., how likely those prices are to increase). In the most recent ranking in 2020, the top honour went to Pringle Creek in Whitby. In fact, three Whitby neighbourhoods were listed in the top 15, the other two being Port Whitby and Downtown Whitby.
While the average home prices in Whitby are slightly higher than Brantford or Hamilton, the city just east of Toronto has plenty going for it, including a thriving port area, a hip downtown, and very strong prospects for continued population and economic growth.
