Six Ontario cities led the competition for best real estate bargains in 2022.
When home hunting is on your list, take a look at these six cities for the best real estate bargains.
Best Real Estate Bargains in Ontario
Zoocasa reports low prices and multiple listings made six places outside Toronto the best real estate bargains for buyers. Not surprisingly, four were already on our survey of cities with the highest property taxes in Ontario and the best places to find affordable real estate. Places you must visit for the best real estate bargains of 2022.
Best and Cheapest Places to Live
Zoocasa asked what’s on most buyers’ minds, where is the cheapest place to buy a house in Ontario in 2022? Results were predictable.
Cities outside Toronto reaped the greatest deals for home buyers. Affordable homes can still be had for under $700,000 in Niagara Falls, Sault Ste. Marie, Thunder Bay, North Bay, and Sudbury. Guelph was a close sixth, with average home prices sliding over that mark but still among the best real estate bargains compared to suburbs closer to Toronto.
Thunder Bay, Sault Ste. Marie, North Bay, and Sudbury all recorded a tax rate just under 1.6% in 2022. That’s higher than Toronto at 0.68%, but being among the best real estate bargains in Ontario made up for it. See Axess Law’s list of cities where residents paid the most taxes.
Find Hidden Real Estate Bargains
House sales and prices are down in most Canadian markets since the overnight rate the Bank of Canada (BoC) sets for lenders accelerated. Toronto’s no exception, but so are smaller markets where hidden real estate bargains traditionally lurk. Explainer on the BoC policy interest rate.
A quick look at October’s MLS results tells the story. Toronto prices dropped 9.2% between February and October this year. Cambridge saw a sharper decline at 20%. Brantford, London, and Hamilton dipped by 16%, and Kitchener-Waterloo buyers benefitted from an 18% decline. What to look for as a first time buyer Ontario.
RBC, Canada’s largest bank, predicts home prices will continue their downward slide until spring 2023. Read RBC’s home price analysis. But don’t let that dissuade you from buying early. What is APS in real estate: writing the offer to purchase.
Five tips to find the best hidden real estate bargains:
- Ask your realtor to show you foreclosures and court-ordered sales.
- Enquire about pocket sales, properties not yet listed on the MLS where a quick sale could win the day.
- Look for private estate sales by executors.
- Consider rural places where you can telecommute.
- Look for upgraded units in older character buildings.
Why You Need a Real Estate Lawyer
Your property purchase or sale isn’t complete until an Ontario real estate lawyer finalizes the legal and mortgage documents for you. Call Axess Law when you find the best real estate bargains. We offer the same great service for less than you would normally pay for traditional legal services.
Axess Law reviews your offer to purchase for essential clauses that ensure you have the mutual right to withdraw if a real estate sale falls through. We look for favourable terms that return your deposit to you without penalty, if you change your mind. Wording the home inspection clause (Ontario).
We advise if cancelling the sale could cost you the good faith deposit, or if you could be liable for the difference between your offer and what the home eventually sells for. Who’s at risk of losing deposits on house purchase.
Your real estate lawyer can negotiate with a reluctant seller. If you’ve already signed the agreement of purchase and sale and now want to include additional clauses, like your right to a professional home inspection, we talk to the seller for you.
When home inspections are unsatisfactory, amending your offer can get minor repairs included or you can agree by mutual consent to walk away from the offer. Axess Law reviews your agreement of purchase and sale to see what the terms and conditions allow. Can you sell a house with open permits?
Axess Law real estate lawyers in Ottawa and Greater Toronto Area search your title for financial claims or construction liens. We locate property surveys and, if the title is in order, register a real estate transaction in your name. Transfer title when you buy or sell.
We answer all your questions, like do you lose your deposit if the finances fall through and what is title insurance? Real estate closing process Ontario explained to you. And our low flat fees makes buying real estate more affordable.
Affordable Real Estate Lawyers, Anywhere You Are
Access lawyers for less in the 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.
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