Where in Canada can home buyers find the most bang for their buck? According to the latest findings, it’s certainly not in Oakville or Milton. For the second consecutive year, these locales have been pinpointed as the least attractive markets for real estate value in the nation.
The 2024 edition of the MoneySense “Where to Buy Real Estate in Canada” report, produced in collaboration with GTA real estate agency Zoocasa, places Oakville-Milton at the bottom of the list among 45 top Canadian real estate markets. The rankings are derived from a comprehensive analysis of early 2024 data and insights from recent interviews, as unveiled by Mackenzie Scibetta, senior specialist in public relations and content marketing at Zoocasa.
The proprietary methodology employed by the study considers factors such as average home prices, historical price growth, neighborhood characteristics, and economic conditions. The average home price in Oakville-Milton for 2023 stood at $1,289,633, exceeding the national average by over $550,000.
Justin Dallaire, senior editor at MoneySense, noted, “For those searching for affordability, Oakville-Milton presents significant challenges. Despite their popularity and high demand similar to Toronto and Vancouver, there are undoubtedly more cost-effective options available elsewhere in Canada.”
This marks the second year Oakville-Milton has found itself at the bottom of this list, Scibetta emphasized. The real estate market there has felt the impacts of the Bank of Canada’s interest rate hike in July 2023, which cooled buyer enthusiasm, according to Zoocasa real estate agent Kristian Canadic.
“Sellers are holding out with the belief that prices will keep climbing,” Canadic explained. “This persistent ‘real estate always goes up’ mindset has made them reluctant to sell, exacerbating the affordability crisis.”
As buyers and investors navigate this complex landscape, the insights from the MoneySense report serve as a crucial tool in identifying regions where real estate investments might stretch further.