Toronto may be one of the worst places to buy real estate in Canada, but you don’t have to flee the province to find value.
MoneySense’s Where to buy Real Estate in Canada 2022 report has ranked North Bay as the second-most valuable place to buy real estate in Canada, while Quinte West and Hastings County placed third.
Created in partnership with Zoocasa, the rankings are based on average home prices and recent real estate price growth. Each of the 45 cities included on the list received a value score out of five.
North Bay had a 2021 benchmark price of $385,100 and a three-year growth rate of 87%. Quinte West and Hastings County had a 2021 benchmark price of $547,500, and a three-year growth rate of 96%.
Considerably cheaper than the national average price of $887,100, both areas earned a perfect value score of five out of five.
Of North Bay’s ranking, MoneySense says the city’s affordability makes it a “viable option” for anyone willing to head north in the name of home ownership. In 2021, composite benchmark home prices jumped 42% — the highest growth rate in Ontario.
“North Bay can be a great place to live if you enjoy the outdoors and want both big-city amenities and that small-community feel,” the report reads.
With access to high-speed networks and its own airport and train station, North Bay has positioned itself as one of the best places to work remotely.
Home prices in Quinte West and Hastings County have grown a staggering 143% in just five years, MoneySense said. They’re still roughly $200,000 below the national average, though, making the area an “excellent chance to get on the property ladder.”
The city of Quinte West offers scenic views and regular air shows courtesy of the nearby 8 Wing Trenton, while artisan and antique shops can be found within Hastings County’s small towns, villages, and hamlets.
“If you’re looking for more space, a beautiful waterfront, and the occasional fly-by, Quinte West or Hastings County might be the place for you,” MoneySense said.
Several other Ontario cities ranked within the top 10 best places to buy real estate in Canada, including Tillsonburg, London and St. Thomas, and Huron Perth. Grey Bruce Owen Sound and Brantford Region were also in the top 10.
MoneySense’s report found that Canada’s largest cities don’t offer the most valuable real estate. Instead, it’s the surrounding regions where the greatest value and growth potential can be found.