Toronto real estate is always a popular market, but sometimes difficult for first time home buyers to break into. Sky-high prices and the COVID-19 pandemic have triggered a great migration of young homebuyers further away from the city, who want more affordable homes.
If you’re among them, you’re probably wondering which city you should relocate to. This post will take a look at four alternative markets that are affordable yet sensible for first-time homebuyers.
1. Barrie – Homes for Sale & First Time Home Buyer Opportunities
Barrie has become an ideal nesting ground for the first time home buyer in Ontario. The city rests on the westside of Lake Simcoe and is a centre for those arts and crafts lovers. Barrie is also becoming a hub for growing infrastructure, which includes a long-proposed expansion of GO Train service to the city. More importantly, homes for sale in Barrie are among the most affordable in the province, making them ideal for a first time home buyer in Ontario.
Barrie Attractions for a First Time Home Buyer
- Barrie Centennial Park
- Studio 737 (Fine art gallery)
- Johnson’s Beach
- Maclaren Art Centre
- Barrie Molson Centre
Composite Benchmark Price of Homes for Sale in Barrie: $955,600
2. Peterborough – Homes for Sale & First Time Home Buyer Opportunities
Peterborough, a.k.a, “The Electric City” is a welcoming place for a first time home buyer looking to leave the GTA. The city may seem unassuming at first glance, but it’s home to ample attractions ranging from nature and sport-oriented excursions to heritage sites and distilleries for those who appreciate a good brew. With that said, Peterborough is one of more affordable cities in the province and still fairly accessible to the GTA via GO transit and major highway series.
Peterborough Attractions for a First Time Home Buyer
- Riverview Park and Zoo
- Peterborough Lift Lock
- The Canadian Canoe Museum
- Publican House Brewery
- Kawartha Downs and Speedway
Composite Benchmark Price of Homes for Sale in Peterborough: $793,800
3. Hamilton – Homes for Sale & First Time Home Buyer Opportunities
Hamilton has always been bustling, as it still provides city living and close proximity to Toronto. It was the face of Canada’s steel industry (it’s still a contender for the title), but it’s outgrowing its industrial roots to look more modern. With that said, Hamilton is an ideal place for a first time home buyer in Ontario. Transit and other infrastructure are expanding to and within the city, and new restaurants, shopping centres and entertainment venues are popping up.
More importantly, Hamilton’s real estate prices can be friendlier for a first time home buyer than the Toronto real estate market, and still provides close proximity.
Hamilton Attractions for a First Time Home Buyer
- Dundurn Castle
- HMCS Haida National Historic Site
- Bayfront Park
- Devil’s Punchbowl Conservation Area
- Tim Hortons Field
Composite Benchmark Price of Homes for Sale in Hamilton: $986,400
4. London – Homes for Sale & First Time Home Buyer Opportunities
London has long been an escape for first time home buyers to find affordable homes. The city offers a rich tapestry of experiences for residents. In fact, London is a hub for almost every type of activity and scene you can imagine, whether it’s history, art, sports or recreation. The University of Western Ontario, one of Canada’s top universities, is located in London.
Going back to its real estate opportunities, London is more affordable than the Toronto real estate market. Like Hamilton, however, it’s ideal if new buyers consider purchasing sooner than later due to increasing prices and popularity.
London Attractions for a First Time Homebuyer
- East Park
- Budweiser Gardens
- Covent Market
- Fanshawe Pioneer Village
- Labatt Brewery
Composite Benchmark Price of Homes for Sale in London: $703,300
Prices will rise in these cities, but you still have a chance to nab a home before they do. The opportunities are available and calling, so don’t miss out on what can be a fantastic home buying option.
Are you a prospective home buyer? Get in touch with Zoocasa so that you can find the house or condo of your dreams.
