Here are the most affordable places to buy a home near Toronto
It's no secret that Toronto real estate prices have been skyrocketing lately, and that anyone looking to buy a home needs a lot of savings or rich parents.
People who don't have access to a stack of cash have been looking for places outside of the city. And the work-from-home trend also means people might not need to commute to the city every day.
A survey early last year found that 32 per cent of Ontario home buyers are purchasing in a community farther away than they previously considered.
The average price for a detached home in Toronto sits around $1.5 million right now. There are cheaper places in other provinces, but for those wanting to stay closer to Toronto, a new report from Zoocasa finds five communities in southern Ontario where people could save $500,000 or more.
Brock, a small town in the northern part of Durham Region, northeast of Toronto, comes in as the most affordable place to buy a detached home with an average price of $774,500.
"However, affordability comes with a proximity trade-off," the report notes. It will take nearly an hour and a half to get to Union Station by car, depending on the traffic.
Oshawa and Orangeville come in second and third with average prices at $964,097, and $967,753 respectively. Oshawa has access to the GO Train and Orangeville is near beautiful parks and the Bruce Trail.
Essa (near Barrie) and the Township of Scugog, also in Durham Region, both have average home prices coming in under $1 million.
Those looking to buy a semi-detached home will find the cheapest places in Orangeville, which has an average price of $715,00.
Orangeville also has good deals on townhouses at just $570,652.
Condos are cheapest in Oshawa at just $381,795, with New Tecumseth, Brampton and Newmarket all under $600,000.
Join the conversation Load comments