Home prices in Ontario have fluctuated this year from the highs experienced in the earlier months until now. Interest rates are a massive factor in this, with seven rate hikes this year causing home prices to decline across Ontario. Detached homes, the most expensive property type on the market, could be out of reach in more expensive areas such as Hamilton or Toronto, partly due to the prices and the cost of borrowing. We’ve found the cities across Ontario where detached homes are currently available for less than $500,000 to help you in your home search.
Sault Ste. Marie
Sault Ste. Marie is on St. Mary’s River, north of the US border. The average detached home in the area as of November costs $279,500. Sault Ste. Marie hit its peak in May this year, with an average price of $320,700. Interest rates took their toll throughout the summer, causing the price to sink to $277,100 in October. Prices experienced marginal gains of only 0.9% in the last month, signaling that prices may have flattened.
Homes You Could Buy in Sault Ste. Marie For Less Than $550,000
9 Grandview Avenue – $435,000
This custom-built bungalow boasts a unique, spacious layout, with open windows allowing you to catch the ever-changing skyline. The lot also weaves down to Birch Street with plenty of mature trees for a more forestry feel.
North Bay
North Bay is located in Northeastern Ontario and gets its name from its position on the shore of Lake Nipissing. A detached home in the area currently averages around $371,100. North Bay’s peak price was $475,600, which it hit in April, before declining to $377,400 in September, falling 23%. Since then, the decline has slowed. The prices have flatted in recent months, with a 1.7% decrease in the last two months and 0.9% since October.
Homes You Could Buy In North Bay For Less Than $550,000
727 Fisher Street – $289,900
Located in the heart of North Bay, this home is currently being used as a professional office but is perfect for either a couple looking to work from home or a retired couple looking to downsize.
Sudbury
Sudbury is near the Ramsey Lake waterfront in Ontario. As of November, the average cost of a detached home in the area is $398,600. Sudbury hit its price peak for detached homes in March, reaching $479,800. Since then, the decline has followed the trend seen across most of Ontario, with prices falling 18.5%. It has, however, steadied somewhat in the last two months, with only a 2.3% decline since September. While prices have yet to steady completely, that consistent decline would suggest they are moving in that direction.
Homes You Could Buy In Sudbury For Less Than $550,000
275 Martha Street – $449,900
Walking into this beautiful open-concept home, you will find the large family room on your left, with a second living room upstairs. Moving on, you’ll find the kitchen and dining room leading into the fully fenced backyard.
Bancroft and Area
Bancroft is interesting, as it is the city on our list with the latest price peak. Located on the York River in Hastings County, a detached home in the Bancroft area will cost an average of $504,700. Prices were steady during the first rate hikes in March, with a 0.8% increase from its February price of $481,000 to April. The price shot up in the next two months by 12.4% to $544,700 before finally hitting its peak in August at $550,700. Since then, the price has declined by 8.7%, with no signs yet of the pricing of detached homes flattening just yet.
Homes You Could Buy In Bancroft For Less Than $550,000
27421 Highway 62 South – $528,900
This private, spacious home is just a few minutes from Bancroft, with plenty of space to add and improve to the 1.8-acre lot. Take a walk through the trees to take advantage of the beautiful scenery, with many lakes to swim, fish, or boat in.
Quinte and District
Quinte and District is an area covered by The Quinte and District Association of Realtors (QDAR), including areas such as Quinte West, Brighton, and Prince Edward County. A detached home in the area currently costs an average of $536,500. Quinte followed an interesting trend throughout the latter months of 2021 and this year. In March, the average price of a detached home was $674,600, but rose just over 16% since November 2021 before falling by over 21% from March to September. Despite a flatter month in October, prices have fallen by a further 2.1%.
Homes You Could Buy In Quinte And District For Less Than $550,000
19 Cedar Street – $429,900
This charming little home is the perfect place for a first-time buyer or as an investment opportunity. The living room flows seamlessly into the kitchen, with a further dining room just off to the side and a back door that opens onto the deck in the backyard.
If you’re looking to get into the market for the first time, or are trying to find a detached home at an affordable price, then speak to one of our expert real estate agents who can assist you in finding your dream home.
