Housing prices in this Ontario city are absolutely booming
TORONTO – People selling homes in a city in Ontario are making big profits as house prices rise to record levels.
The average price for a house in Brantford, about 110 kilometers southwest of Toronto, has soared by more than 40 percent in the past year, as figures show.
In July 2021, the average price for a house in Brantford was $ 777,026.
The average price of a single family home in Toronto is currently around $ 1.7 million, which means you could save $ 1 million in Brantford.
A real estate expert believes COVID-19 plays a small role in the booming market.
“I think people took a moment to think and see what was important to them,” Remax broker Judy Lillico, who has worked in the area for 21 years, told CTV News Toronto.
“Sitting in a 600-square-foot apartment wasn’t as attractive as a two-story, three-bedroom, garden home at a much better price.”
While Brantford property prices may seem like a bargain to Toronto buyers, Mayor Kevin Davis said these escalating prices come at a major disadvantage.
“When you’re a young family trying to get into the housing market, it becomes difficult for families looking to buy a home in their own town,” said Davis.
Lillico believes some out of town buyers may have doubts.
“My guess is that some people will choose to return when COVID is over and some will decide this is life for them,” Lillico said.
For people who are forced back into the office at some point, living in Brantford is a long daily commute to Toronto.
With files from John Musselman of CTV News Toronto.