In communities where homes can easily go for seven digits in Ontario’s largest cities, is finding a home listed for $200,000 even possible?
A new report from Point2 found that while rare, some affordable options still exist, but they go fast and might not be what you first thought.
The report shows that while the housing market is losing steam, affordability is still an issue, and with that, homes under $200,000 in the country’s largest cities are becoming more fantasy than reality.
Point2 found that homes under $200,000 make up less than 1 per cent of all listings currently on the market, with 25 of Ontario’s largest cities showcasing zero homes priced under $200,000.
It found that the remaining seven large cities have shares of homes under $200,000 that hover around 1 per cent, with only Waterloo and Kawartha Lakes boasting slightly higher percentages of 3.13 per cent and 2.62 per cent, respectively.
Belleville, Hamilton, London and Ottawa also offered affordable homes, albeit few, the report found.
Toronto homebuyers are some of the least fortunate, as the analysis revealed that only two homes, representing 0.04 per cent of the available housing stock, were priced under $200,000, the report shows.
But what do these homes look like?
In Toronto, you can find a one bedroom, one bathroom home with waterfront views for just $150,000, but it’s not conventional.
Betty White, as the houseboat is affectionally named in the listing, is located on Brimley Road South. While it does not come with any land, it is a unique option for someone looking to own an alternative one-bedroom.
While other places like London and Hamilton may boast a condo or two under the $200,000 threshold, trailers make up the majority of affordable housing stock.
Point2 found that six units in Waterloo, all at the exact same trailer park location on Beaver Creek Road, are for sale between $124,900 to $199,900 but only for 10 months of the year.
– with files from Global News’ Ryan Rocca