There are many people who are interested in buying a home and moving to a different place, causing prices outside the city to sky rocket. The housing market is growing, and it is getting more and more expensive to buy homes in regions that were previously deemed affordable. There’s no denying that Canada’s largest province, Ontario, has some of the most expensive homes in the country. Here are the 5 cities in Ontario that have the highest average prices per square foot according to a 2021 report.
With its long history of being the financial capital of Canada, it is no surprise that this city has some of the highest real estate prices in all of Ontario. Ranked as the number one most expensive place to buy a house per square foot, Toronto homes have an average price tag of $956 per square foot.
Vaughan comes in second place on our list of most expensive cities for home prices per square foot. However, the average cost here is $612, which is still significantly lower than Toronto’s.
Markham has the third most expensive homes per square foot in all of Ontario. The average cost is $557 per square foot for this city. Regions such as Markham are starting to develop their own city centers with all the amenities you could ever want, while still being a roughly 45-minute commute to the downtown core. It’s well located near major roadways, has excellent access to public transit, and is close enough to Toronto for commuters looking for a change of scenery.
Hamilton rounds out our list at number four. With homes per square foot averaging $532, this city is the fourth-ranked most expensive in Ontario.
You would need to spend an average of $527 per square foot for a home in Cambridge — the fifth most expensive place on the list.
The report also ranked the most expensive areas across the country. Toronto did not rank in the top 5. According to the survey, Montreal is the most expensive area for detached homes at $1,350 per square foot. The following four ranked spots are all in Vancouver.
If you are looking for an affordable place to live in Ontario, it is best that you look outside of Toronto. These cities are more expensive due to their proximity to the big city. Given the average cost per square foot to live in Toronto, it’s no wonder that many are relocating to other areas across Ontario.
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