Southern Ontario housing markets continued to grow in the two years after the Fair Housing Plan (FHP) was introduced by the former Liberal provincial government, reports Zoocasa.

This online brokerage recently analyzed MLS data in order to analyze on how every major housing market in Ontario has fared since the FHP was announced in April 2017.

What happened?

The FHP introduced 16 measures designed to chill the market, including rent controls and a foreign buyer tax. Its real effect was psychological, however, as both buyers and sellers were operating under a cloud of uncertainty. Prices and sales immediately cooled. But that was two years ago — what’s the story now?

Zoocasa found that markets in southern Ontario, in contrast to the York Region and the eastern suburbs, remained largely unscathed, having posted steady gains since then.

Cause of market increase

The success of this region is likely due to the fact that properties are still fairly affordable, and the job landscape is strong. Windsor homes shot up a full 25 per cent in price to $344,000 while London homes climbed 19 per cent to $430,000. Buyers priced out of Toronto are likely to have contributed to levels of high demand in this city.

Smaller cities also doing well

Other smaller, more affordable cities also did well.

Barrie homes for sale shot up 7 per cent to $563,530 and Kitchener real estate rose 5 per cent to just over $500,000.

York Region, eastern, western Ontario, not doing so well

Meanwhile, York Region, which is mostly full of expensive single-family homes, got hit the hardest. Prices fell upwards of -30 per cent and activity stalled.

Similarly, western cities along Lake Ontario proved to not be as resilient. Expensive Oakville sank 18 per cent, neighbouring Burlington by 4 per cent and Brampton by 6 per cent.

The eastern suburbs, for reasons that are unclear, considering that they too are also affordable, also plunged in price. That includes Oshawa down 17 per cent, Whitby, down 15 per cent and Ajax down 12 per cent.

Looking forward, it’s too early to say what the FHP holds for the future. The government is now Conservative and they’ve already rolled back rent controls and created a new housing guide, called Housing Supply Action Plan.

Ontario housing market infographic

Check out the infographic below for a full ranking of Ontario cities.

By Zoocasa

Zoocasa.com is a leading real estate company that combines online search tools and a full-service brokerage to empower Canadians to buy or sell their homes faster, easier and more successfully. Home buyers can browse real estate listings on the website or the free iOS app.

RentSeeker.ca’s new [INFOGRAPHIC] shows updated average rent prices for 20 cities across Canada which RentSeeker.ca was able to provide through it’s extensive database of apartment listings using a newly developed real-time algorithm program. A more comprehensive report showing the average rent costs for cities across Canada is scheduled to be published in early December 2016. RentSeeker.ca’s last Canada wide report showing the average rent costs in cities across Canada was published in December 2015 and can be viewed here:

This new updated report and [INFOGRAPHIC] covers the following apartment sizes;

• Average Rent Prices for Studio / Bachelor Apartments
• Average Rent Prices  for 1 Bedroom Apartments
• Average Rent Prices for 2 Bedroom Apartments
• Average Rent Prices for 3 Bedroom Apartments

and the report provides updated average pricing for apartment rentals in real-time for the following cities;

• Apartments for rent in Toronto
• Apartments for rent in Ottawa
• Apartments for rent in Edmonton
• Apartments for rent in Calgary
• Apartments for rent in Saskatoon
• Apartments for rent in Regina
• Apartments for rent in Guelph
• Apartments for rent in Kitchener
• Apartments for rent in Windsor
• Apartments for rent in Brampton
• Apartments for rent in London
• Apartments for rent in Burlington
• Apartments for rent in Hamilton
• Apartments for rent in Quebec City
• Apartments for rent in Montreal
• Apartments for rent in Kingston
• Apartments for rent in Mississauga
• Apartments for rent in St. John’s
• Apartments for rent in Halifax
• Apartments for rent in Yellowknife

For media inquiries or to share this [INFOGRAPHIC], please contact Media@RentSeeker.ca

(Click the [INFOGRAPHIC] to Enlarge)

RentSeeker.ca’s Housing and Rental Market Reports and INFOGRAPHIC’s are utilized by Home-Buyers, Renters, Students, Landlords, Property Managers, Real Estate Brokers, Mortgage Professionals, Economists, and Journalists providing an in-depth analysis of Canada’s Real Estate landscape. This newest report follows RentSeeker.ca’s Recent Report showing the National Average Cost of Housing across Canada with Year-over-Year Price Comparisons which was featured on Huffington Post, CTV News, and other Canadian media outlets.

For up-to-date information on Canada’s Housing and Rental Markets, subscribe to RentSeeker.ca’s Newsletter on our Blog.

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These include the country’s capital and a globally recognized metropolis. However, it takes a deeper look to really appreciate the best that the province has to offer.

Ottawa, Toronto, and several other Ontario cities are home to some of the coolest neighbourhoods in the country.

The next time you’re exploring any of these Ontario cities, be sure to check out these neighbourhoods that have a unique flair and culture all of their own.

10. Byward Market – Ottawa

No matter how you define cool, you can probably find it in Byward Market. Some of the most vibrant nightlife in Ottawa can be found in Byward, and the shopping is the best in the city. This is a very urban, condo-centric neighbourhood, with the population mostly comprised of young professionals. The outdoor market itself is the best in the city, and the National Gallery of Canada is a national benchmark for artistic excellence.

9. The Annex – Toronto

The Annex is a multicultural neighbourhood located north of Bloor Street between Bathurst and Avenue Road. It might be the best place in Toronto to meet people from all walks of life. People from various international backgrounds, some of the city’s most successful elite, and University of Toronto students all rub shoulders in this midtown neighbourhood.

8. Augusta Street –Hamilton

Augusta Street in Hamilton is home to historic landmarks, the best local pubs in town and puts visitors in close proximity to the James Street Shopping District. The real highlight of the neighbourhood is the pubs. A series of locally owned and eclectic pubs with names like the Pheasant Plucker and the Cat’N’Fiddle mean that you can spend as much time as you want at the local watering holes and almost never repeat yourself.

7. Bloor-Yorkville – Toronto

Bloor-Yorkville is cool in an entirely different way from most of the hotspots that make an appearance on this list. Here, you get a taste of the glamour and the luxury that a true metropolis like Toronto can offer. You can watch the glitterati walk by and browse through the shops of globally recognized designers like Hermes and Chanel. Decadence is the name of the game in Yorkville, and for those who enjoy that lifestyle it is the best the city has to offer.

6. Richmond Street – London

London is a college town through and through. While this city is actually the 10th largest in Canada, it feels much more like a quintessential American college town thanks to the University of Western Ontario. Head down to the Richmond Street neighbourhood to get the true “college-town” experience. Most of the hangouts favoured by the college-students are spread throughout this district

5. Old Walkerville Neighbourhood – Windsor

The Old Walkerville neighbourhood lets visitors take a step back into the history of Windsor. Historic buildings and businesses that have been there for generations mingle with hip new restaurants and eclectic shops. The Hiram Walker & Sons head office still stands in the neighbourhood as the best example of the architecture from the time of the former town site’s glory days. The neighbourhood is also home to some of the most architecturally interesting and beautiful buildings in the city of Windsor.

4. Streetsville – Mississauga

Streetsville resembles a hidden European village tucked amidst the hustle and bustle of the more than 5 million people who call the Greater Toronto Area home. It’s a great walking neighbourhood, and nearby Go train stations make it easy to get here from anywhere in the GTA. The local shops and restaurants are tucked in between the Credit River and substantial green space, adding to the small-town feel of this Mississauga neighbourhood.

3. The Distillery – Toronto

The Distillery District was once the site of the Gooderham and Worts Distillery. Now, it is one of the most popular destinations in the city of Toronto. The distillery buildings have been converted into more than 80 shops, featuring the works of local artisans, art galleries, restaurants and more. Highlights include the famous Mill Street Brewpub, and the Soulpepper Theatre Company, one of the most acclaimed theatre companies in the city.

2. The Glebe – Ottawa

The Rideau Canal borders the Glebe to both the south and the east. Skating the Rideau is one of the quintessential winter experiences in Ottawa.

A more family oriented neighbourhood than some members on this list, the Glebe exhibits a quiet cool, characterised by a true neighbourhood feel.

There are dozens of the best dining options in the city scattered throughout the Glebe, making it one of the most popular destinations for a date night in the Capital.

1. Queen West – Toronto

Queen West is not only one of the coolest neighbourhoods in Toronto, but is generally recognized as one of the coolest in the world. In 2014, Vogue Magazine named it the second coolest neighbourhood on the planet, and today the neighbourhood maintains the same cutting edge vibe that it did a year ago.

This neighbourhood is home to historic art hotels like the Gladstone, live music venues, and secret art galleries that only the hipsters know about.

Dining options are mostly locally owned and keyed in to the tastes of the time.

There are plenty of locally sourced, ethical meals to be enjoyed here. Ultimately though, Queen West is the coolest neighbourhoods in the province because it has something to offer everyone at almost every hour of the day.

While these are some of the most well-known neighbourhoods in Ontario, there are many others that are just as cool and offer plenty of opportunities. If you are looking for a home for sale in Ontario, make sure you assess your true needs, determine your budget, find a good lender, and a good real estate agent.

However, and sadly, for many of us owning a home in Kingston or another city of our dreams is a distant or completely unrealistic fantasy. We’re either forced to wait until our financial or credit situation improves enough to make the necessary down payments, we settle with a place far from our ideal urban location, or we buy a more affordable home in the inner suburbs, squeezed out of the most attractive neighbourhoods that give a city character and charm (this is especially troubling in Toronto). Did you know that in conjunction with Blue Chip Mortgage, we recently completed an infographic that shows the necessary salary to buy a home in cities across Canada? The results may shock you.

In Kingston, the average price of a single-detached house in the fall of 2010 was $276,500. The average price of a home in the same season was $248,800. Assuming a 5–10 percent down payment for the home, a 5-year fixed mortgage rate of 5.59 percent, and a 25 year amortization, hopeful Kingston homebuyers are looking at a down payment of $12,440, an insurance fee of $7,682 (at 3.25 percent of the mortgage after the down payment), leading to mortgage payments of just over $1,500 per month. Even if the down payment and mortgage payments can be made, Kingston homeowners also have to pay well over $3,000 per year on property taxes — fees for fire, garbage, education, and other city services. Then there are upkeep concerns — plumbing, electrical, infrastructure, and so forth. It makes for a handsome bill each month.

While $1,500 per month for a small home — split between two people, if you’re a couple — isn’t too much different from renting a space in the city. But for many people, amassing a $12.5k down payment before buying makes little financial sense. Students in Ontario have an average debt of $28,000, which often takes many years to pay down. The average Canadian family is over $100,000 in debt. With these figures, having surplus savings for many Canadians — or surplus income that isn’t immediately used to help pay off enormous debt loads, with huge interest rates — simply isn’t in the cards. Taking a look at our infographic, London, Ontario is comparable to Kingston in terms of the cost of homes; therefore, according to our calculations, a homeowner would need a salary of at least $54,395 per year. And with our dwindling middle class and booming low-wage service industry, reaching this kind of salary is ever more of a rarity.

If you’re not yet ready to commit to such prices, still paying off your debts, or still climbing the corporate ladder, but you still want to live in Kingston, then we’re here to help you every step of the way by finding you a great place to rent! Even if you are in a position to buy, but you’d like to experience the city before committing to a particular neighbourhood, renting is an excellent way to live in the city for a short term without numerous obligations. Check out our extensive directory of apartments — you can narrow and customize your search to look for area, price, furnishings, parking, pet-friendly pads, and a whole lot more. Using our handy, social-media-integrated service will put you in direct contact with landlords and property owners looking to rent apartments in Kingston fast. Without a portal like ours, you’re forced to wade through a confusing jumble of ads, troll the streets looking for ‘For Rent’ signs, or reliant upon word of mouth.

Kingston is truly a beautiful, clean, safe, and happening place to live. But like all Canadian cities, it’s going to cost you if you want to own property. Get on your feet and stay where you love to live by renting a cool yet inexpensive apartment, and start planning for that future home — whenever the day might come.