How Much Does It Cost To Buy A House? 5 Suburbs Under $650K

By: Dana Gain

How Much Does It Cost To Buy A House? 5 Suburbs Under $650K

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With the price of housing continuing to rise, more home buyers than ever before are leaving town in search of greener pastures.

Literally.

Even the closer suburbs of Mississauga, Brampton, and Milton have become too expensive for many. Rising home prices have become a trigger for families to explore new residential alternatives.

Let's take a look at five unique suburbs that, due to their affordability, have become particularly popular in 2021.

 
#1: Ajax

Ajax is approximately 25 kilometres east of Toronto on the shores of Lake Ontario and is bordered by the City of Pickering to the west and north, and the Town of Whitby to the east.
 
Practically speaking, Ajax is a great suburb choice for homeowners who want to be close enough to commute into the city. At the same time, Ajax has its own energy. Because of its very close proximity to Pickering (west) and Whitby (east), residents have a huge variety of shopping and recreation options within just a few minutes’ drive in either direction.
 
In Ajax you can buy a 2 or 3 bedroom bungalow or 2+ bedroom apartment condo for around $500K, and larger 3+ bedroom townhomes for $600-$650.


#2: Brantford
Brantford is a city west of Hamilton founded on the Grand River in Southwestern Ontario. It is surrounded by Brant County, but is politically separate with a municipal government of its own that is fully independent of the county's municipal government.

Similar to Ajax, bungalows can be purchased starting at around $500K, with townhouses starting at $600K.


#3: Cambridge

Cambridge is in the Regional Municipality of WaterlooOntario, Canada, located just off Highway 401, about 25 minutes west of Milton.

Cambridge is becoming a more popular suburb in 2021 due to its proximity to the GTA, attractive buying power for housing, and its ease of access. A quick 25-minute drive on the 401 west from the closer suburb of Milton, Cambridge offers more home for the money without having to push the price boundary as far as areas like Milton or Mississauga.

According to CREA, the average home price in Cambridge across all categories is $757,000, however the average townhome is a very palatable $606,000.


#4: Stoney Creek

Stoney Creek is a community in the city of Hamilton. The community of Stoney Creek is located on the south shore of western Lake Ontario, just east of downtown Hamilton.

Stoney Creek experienced an increase in residential growth, particularly in the lower city in the 1970's and 1980's, and in the west mountain in the 1990's and 2000's.

More recently, long time downtown residents have been fleeing the rising cost of housing in the City of Toronto in search of more house for less money. Stoney Creek fits the bill, with sizeable townhomes available at around the $650 mark and even a few smaller, detached houses meeting a similar budget.


#5: Woodstock

Woodstock is a city in Southwestern Ontario about one hour’s drive from Milton. Woodstock is approximately 128 km west of downtown Toronto, and 43 km east of London, Ontario.
 
The median sale price for single family detached homes posted a large increase to reach $635,000 in June 2021. For $650K a family can secure a large townhouse, good sized bungalow or even a fully detached 2-storey home in Woodstock.

The low prices are making this small community a very attractive option for homeowners with the ability to continue working from home post-pandemic.***

Reference: CREA – Cambridge Association of REALTORS® (2021). Cambridge Association of REALTORS®. MLS® home sales down from record June last year, remain well above average. 
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