A REMAX report released on Tuesday lists two local areas in the top 5 of the most affordable places to buy a home in Ontario.
The 2021 housing affordability report backs a another publication released earlier in the year about the housing affordability crisis.
“Housing bubble? I prefer the term ‘affordability crisis,’” says Christopher Alexander, Chief Strategy Officer and Executive Vice President, RE/MAX of Ontario-Atlantic Canada. “The demand level is at an all-time high and inventory is very low. I don’t see how we’re going to be able to keep up with the demand with population levels expected to rise to new heights.”
Meanwhile, as families all over Canada face this problem, they are being pointed to Sault Ste. Marie as a potential solution. The Bayview area is considered to be the cheapest in Ontario with an average asking price of $100,000. At number 5 is the “West-End, Downtown” with the average there being $165,000.
The report warns that low interest rates are going to go up, possibly as soon as 2022, and that there is a serious lack of available, affordable housing in our country.
Do you think this is good for the city? Are you concerned this will make it difficult for you to buy a home here? Share your thoughts in our comment section.
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