Housing prices in this Ontario city are absolutely booming
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.
CTVNews.ca Top Stories
BREAKING Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
AstraZeneca says it will withdraw COVID-19 vaccine globally as demand dips
AstraZeneca said on Tuesday it had initiated the worldwide withdrawal of its COVID-19 vaccine due to a 'surplus of available updated vaccines' since the pandemic.
'Summer of discontent': Federal unions vow to fight new 3-day a week office mandate
Federal unions are launching legal challenges and encouraging public sector workers to file "tens of thousands" of grievances over the new mandate requiring federal workers to return to the office at least three days a week in the fall.
Toronto police seek suspect vehicle after security guard shot outside Drake's mansion
Toronto police are seeking help from the public as they continue to investigate a shooting that seriously injured a security guard outside rapper Drake's mansion.
'Ozempic babies': Reports of surprise pregnancies raise new questions about weight loss drugs
Numerous women have shared stories of 'Ozempic babies' on social media. But the joy some experience in discovering pregnancies may come with anxiety about the unknowns.
OPINION What King Charles' schedule being too 'full' to accommodate son suggests
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
Seafood, eat food: Calgary Stampede releases Midway menu
The Calgary Stampede has released its menu of sweet, salty and spicy treats available on the Midway for the Greatest Outdoor Show on Earth.
Boy Scouts of America is rebranding. Here's why they've changed their name
After more than a century, Boy Scouts of America is rebranding as Scouting America, another major shakeup for an organization that once proudly resisted change.
These snakes not only fake their own deaths, they use gory special effects to do it
Awards season may be over for human actors this year, but there’s no rest for some of nature’s most audacious thespians.