House prices on the decline leading to bargains in Ajax, Brampton and Oshawa

With housing prices across Ontario in a free fall it might be the right time in some markets, according to Daniel Cook at Zoocasa.

Housing prices in some cities have hit record-breaking highs in the earlier part of this year and now that interest rates are on the rise, Canadian markets are adjusting to rising inflation rates and buyers to the cost of borrowing, both of which are putting downward pressure on the price of homes. In February, the average price of a home in Ajax was $1,273,349. As of September that average price dropped nearly 30 per cent to $894,975.

Some prospective buyers are choosing to wait it out on the sidelines to see how the market will unfold, Cook noted, but the question on a lot of their minds is how long they should wait. “In some cities, the prices have come down and are staying quite flat indicating now might be the right time to buy.

Meanwhile in Brampton, average home prices reached $1,367,444 in January. Eight months later the price dropped 26.3 per cent to $1,007,324. Since the summer, prices have remained quite steady with August seeing a dip of just 0.87 per cent from the previous month, falling from $1,027,535 to $1,018,639. In September, prices declined another 1.1 per cent to $1,007,324.

Four-hundred and five homes were sold in Brampton last month.

“As the price continues to hover steadily around the lower end of the $1M mark, now could be the right time for prospective buyers in Brampton to make their move.”

Bargains are certainly out there. One of Zoocasa’s featured homes is a six-bedroom, two-unit property in downtown Oshawa that is ideal for someone looking to earn some rental income.

Each unit has three bedrooms, and each come with three parking spaces and backyards. The current rent on the units is below market value at $1,845 plus hydro.

The property, located at 70-74 William St. W, is on the market right now priced at $600,000.

70-74 William St. W. Oshawa