Aspiring homeowners are going further and commuting longer to find and buy cheap homes in 2022. We look at what city has nice houses for the cheapest in 2022, and the best place to buy houses in Ontario.
What’s Motivating First Time Home Buyers
COVID-19 has put finding cheap homes in 2022, and the best place to buy houses in Ontario, on first time home buyers’ radar again this year.
Nearly a third of 2,300 Ontarians who answered a 2001 Zoocasa survey moved to places they previously overlooked. Seventy per cent were further out than they expected to be. Over half (53%) bought in small communities, a pattern buyers hunting for cheap homes in 2022 will likely repeat.
Rebates for first time home buyers.
Not surprisingly, access to online, grocery, or takeout delivery are high on the cheap homes for 2022 shopping list. So are having a car, bicycle, or nearby transit, assets that define the best places to buy houses in Ontario.
Buying Cheap Homes in 2022
A December 2021 RE/MAX report backs up Zoocasa’s findings. House prices are up by 20% to 35.5% per cent all over Ontario, RE/MAX reveals. The biggest surprise for the first quarter of 2022 is a nearly 48% jump in condo prices in Kitchener-Waterloo, where home buyers expected to look for cheap homes in 2022.
Are house prices going to drop? Real estate analysts think so. Pandemic post-recovery strategies, and high demand from immigration surges could create upward pressures, real estate tech pros Wowa.ca says. On the other hand, abnormally low interest rates have “helped stoke demand”. Anticipated Bank of Canada rate hikes could cause a course correction by mid year.
Using RRSPs to save the minimum downpayment to buy a house in Ontario.
Where is Housing Cheapest?
The best places to buy houses in Ontario so far, especially cheap homes in 2022, turn out to be:
Hockey city Thunder Bay, home to Ontario’s most NHL players, scored major points with cheap home buyers in 2021. CREA (Canadian Real Estate Association) reported median house prices of $267,500 in late 2021. Cottage-style bungalows and farmhouses with generous wrap-around porches were less than $399,000 in February 2022, and a vinyl-clad, two-storey duplex for $169,900. Around $300,000 bought a large, older home.
What happens to the deposit when buying a house.
Sault Ste. Marie
Forestry and steel centre Sault Ste. Marie, home of the Ontario Lottery and Gaming Corporation, joined the uptick in housing prices in January 2022. A modest detached home averages $296,281, up 33.3% over the previous year.
Nickel City Sudbury, now Greater Sudbury, has been regreening its rocky landscape since the 1970s. Mining giant Inco’s superstack rivals the Empire State Building in New York, but the city has an IMAX, Science North museum, and R&D businesses are thriving. Prices are up by 29.7% over 2021. A detached bungalow on a smaller lot in a city surrounded by 330 lakes and six provincial parks cost $458,144 in February 2022. How Sudbury is regreening itself.
CMHC down payment requirements for buying cheap homes in 2022.
North Bay’s lush forests, and ample walking and biking trails along Lake Nipissing’s shores, are a boon for nature lovers. Health care, education, and government jobs dominate North Bay, but the community is less humid than Toronto, and the gateway to Ontario’s North. 2021’s average $403,682 detached home price was hard to beat. You could get a foothold for around $478,123 on cheap homes in 2022.
Protect your right to cancel a home purchase.
Facing off with Detroit across the Ambassador Bridge will cost you. Detached homes in Windsor came in at $636,422 in January 2022, a whopping $61,000 leap in a single month. Strong population growth, outside investors, and worries about interest rate increases are behind the price inflation. Retire in Windsor.
Dreaming of big city life in Toronto, but no cash to match it?
Newbie buyers who don’t mind a long (we do mean long) commute, can catch a bus, and the GO train in Brampton, for a 90-minute trek to work each way. That takes you to and from Orangeville in Peel Region, where semi-urban life costs less.
Careful how you word home inspection clauses.
Orangeville may be small (population about 30,000), but it’s got all the big box stores you could want, plus duplexes, row houses, and townhouses for around $715,000. That starter condo is a “paltry” $570,625.
Budget just shy of $1 million? Wondering what is the cheapest way to build a home right now? Read our Best Places for Millennial Home Buyers for best places to buy houses in Ontario. We give you mortgage tips for buying Ontario farms or lakeside lots, among the cheapest places to build a home.
Why You Need a Real Estate Lawyer
If this is your first home, or even if you are a veteran home buyer, Axess Law’s licensed real estate lawyers put your mind at ease. We review your agreement of purchase and sale for essential clauses that protect your home buyer’s or seller’s right to cancel if a deal just isn’t right.
Find an affordable real estate lawyer near me.
Properties that seem perfectly fine at first glance may have defects that could affect the price you are prepared to pay. Our professional legal team can add a professional home inspection to your offer to purchase, or recommend what to do if a home needs minor repairs. Find a registered home inspector in Ontario.
Search title to properties you buy.
It could be the home seller owes a contractor or supplier you don’t know about. Axess Law’s virtual real estate lawyers search title to properties to find contractor liens or other financial claims that can delay or prevent a home sale. If we find a claim, we negotiate with the seller’s lawyer to have that paid off before title is transferred to your name.
How to discharge a mortgage when you change homes in Ontario.
First mortgage or discharging one you already have — Axess Law prepares legal documents your lender provides before handing you the keys to your new home.
Affordable Real Estate Lawyers, Anywhere You Are
Access lawyers for less in Greater Toronto Area, Ottawa, or anywhere in Ontario when you buy, sell, or transfer property. Axess Law’s flat fee real estate lawyers are affordable, and our rates are all inclusive (excluding taxes, disbursements, and third-party charges). Axess Law offers you only the legal services you absolutely need. Your final invoice includes no surprises or hidden charges. Your itemized statement of adjustments is explained when we deliver it, and we answer any questions you have about it.
Hiring a real estate lawyer.
Make Appointments Yourself or Call Us for Bookings
Go online to book appointments yourself with our easy booking form. For personal assistance, dial our 647-479-0118 lawyer line (toll free to 1-877-402-4207). When you just can’t leave home to meet a lawyer, Axess Law has virtual real estate lawyers throughout Ontario. You can sign online, or drop by any Axess Law office when it’s convenient for you. We have flexible day or evening appointments, 7 days a week.
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