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
NEW This Canadian scientist combines passion for history, archeology and genetics to solve ancient and modern-day DNA puzzles
Turi King takes pride in her work solving ancient and modern-day DNA puzzles – including a centuries-old mystery involving an infamous British king.
Bathroom break nearly derails $22-million project at city council meeting
A brief break during Wednesday's city council meeting in Saskatoon nearly cost the city dearly.
Israeli strikes in central Gaza kill at least 11 as the U.S. pushes a ceasefire plan
Palestinian health officials said Israeli strikes killed 11 people overnight into Monday, including a woman and three children, in central Gaza.
Toyota apologizes for cheating on vehicle testing and halts production of three models
Toyota Chairman Akio Toyoda apologized Monday for massive cheating on certification tests for seven vehicle models as the automaker suspended production of three of them.
Do this once a month and extend your life by up to 10 years. No gym required
Research shows that art experiences, whether as a maker or a beholder, transform our biology by rewiring our brains and triggering the release of neurochemicals, hormones and endorphins.
Mexico elects Claudia Sheinbaum as its first woman president
Mexico's projected presidential winner Claudia Sheinbaum will become the first woman president in the country's 200-year history.
Expect the cost of your airfare to continue to rise, an aviation trade group and industry heads warn
The cost of your next flight is likely to go up. That's the word from the International Air Transport Association, which held its annual meeting Monday in Dubai.
United plane undergoing 'deep cleaning' after cruise ship passengers fall ill on Vancouver-Houston flight
A United Airlines plane is being removed from service after several passengers on a flight from Vancouver to Houston, Texas, felt sick.
Robert Pickton stabbed with toothbrush and broken broom handle: victim's family
The family of one of Robert Pickton's victims says the convicted serial killer suffered an incredibly violent death at the hands of another inmate.