Cities In Ontario Which Experience The Highest Jump In Price
Home prices in Ontario are increasing significantly. When you take a look at the real estate market, you will figure out that the increase of home prices is significantly high in some of the cities when compared to others. As of now, it has become quite impossible for an ordinary man to purchase a home in Ontario, and we can see how people are fleeing the city.
Among cities in Ontario, Toronto has the most expensive property market. Likewise, we can also see how the prices of real estate property available for sale in Ontario has increased significantly when compared to other areas of the state. This is applicable to numerous other communities located around Toronto as well.
Regardless of the real estate price skyrocketing, the city has experienced a low price growth over the past two years in the leading population centers of Toronto. Even though the prices are not high, they have been inflated and the other cities experience massive jumps in prices.
When it comes to the cities of Toronto, Barrie is leading the list, which has a 35% increase in property price increases within 2021 when compared to 2020. It is followed by Kitchener-Waterloo and London, which have experienced over 30% increase in property prices. The price increases of cities such as Ottawa, Oakville, Burlington, and Kingston are just under 30%. Mississauga is the lowest in the list, and the property price increase is just around 20%.
When you compare these cities with other leading cities around Canada, you will notice some increasing facts. In fact, Vancouver in British Columbia has a price increase of 42%, which is the highest in the country. Ottawa ranks the second place in it.
Based on these numbers, we can clearly say that people are looking forward to moving to suburbs, which are located out of major cities. Hence, the demand for property available in those cities increase, and there are rapid price increases.