House prices have surged to record levels in one of Ontario’s largest cities, resulting in home sellers making big money.
In Brantford, a city 110 kilometres south of Toronto, the median home price has risen more than 40 per cent within the last 12 months. These homes sold for $777,026 on average in July 2021. Further, you could save one million dollars on a detached home that currently costs about $1.7 million in Toronto.
COVID-19, according to one real estate expert, is playing a bit part in this booming market.
Although Brantford housing prices may seem like a steal to Toronto buyers, Mayor Kevin Davis warns that escalating prices have a major downside. He states that, “Young families who are trying to break into the housing market may find it difficult to buy a home in their own city, and due to that, there could be a rethink after a while for some out-of-town buyers”. This could become the issue when the restrictions currently in place come to an end.
As soon as the out-of-office lifestyle ends, and everyone is forced back into their previous working environments, living in Brantford could create a long, and tedious commute for those who work in the city.