Housing prices in this Ontario city are absolutely booming

TORONTO -

People selling homes in one Ontario city are scoring big as housing prices surge to record levels. 

The median price for a home in Brantford, located about 110 kilometres south-west of Toronto, has skyrocketed more than 40 per cent over past year, figures show.

In July 2021, the median price for a Brantford home was $777,026.

The average price of a detached home in Toronto is currently about $1.7 million, meaning that in Brantford, you could save one million dollars.

One real estate expert thinks COVID-19 is playing a bit part in the booming market. 

"I think people took a moment to reflect and see what was important to them," Remax Broker Judy Lillico, who has worked in the area for 21 years, told CTV News Toronto. 

"Sitting in a 600-square-foot condo was not as appealing as getting a two-storey three-bedroom detached home with a yard at a much better price point."

While the Brantford housing prices may seem like a steal to Toronto buyers, Mayor Kevin Davis said there is a big downside to these escalating prices. 

"If you're young family trying to get into the housing market, it becomes difficult for looking families to buy a home in their own city," Davis said. 

Lillico believes some out-of-town buyers may have second thoughts down the road. 

"My guess is some people are going to choose to go back when COVID is over and some will decide this is the life for them," Lillico said..

For people who are eventually forced back into the office, living in Brantford will make for a long daily commute to Toronto.  

With files from CTV News Toronto's John Musselman.