A growing number of Ontarians are now leaving the province in search of cheaper and more affordable housing options. According to Toronto Regional Real Estate Board’s (TRREB) 2022 Market Outlook, average selling price of houses in the Greater Toronto Area could rise more than 10% this year. In January 2022, detached houses in the GTA are averaging to $ 1.24 Million, while houses in New Brunswick are selling at around $300,000.
“I have a source from the Government of New Brunswick, they did a recent study that showed from April to December of 2020, 2,700 Ontario residents have moved to New Brunswick. Half or 50% are residing in Fredericton,” said Josie Livingstone, a Real Estate Agent in New Brunswick.
According to her, the simpler lifestyle that New Brunswick offers is also one of the reasons why many Ontarians have shown interest in the province.
“In Ontario, you can still get an affordable house, but you have to go very far, like five hours away. Here, you get the setting of a rural life, a peaceful and quiet city or town and not be too far from the amenities,” Livingstone added.
Fernanda Brown, a resident of Niagara Region, bought her first house for about $ 200,000. Now, ten years later, Brown sold her home for $ 700,000, still insufficient to buy a new house in Niagara. Which is when she decided to move to New Brunswick where Brown was able to buy her dream home.
“I made a good choice, I made the right decision because by the look of the(Ontario housing) market we see that there is no decrease so far. they are not talking about getting this sorted anytime soon.”
“The house that we have(now), if compared to Ontario, at least a million or closer to a million dollars. We bought our home for $470,000 so its a pretty big house, the basement is fully finished,” said Brown.
With the rising trend of people moving to quieter provinces, competing with higher bidders is getting tougher, however Livingstone feels being a homeowner is still possible with the right planning. A home buyer needs to learn to budget, prioritize on their needs and seek advice from professionals.
“Some of the home buyers from Ontario buy the properties in cash. If not, they waive and do financing. They make sure that all their finances are secured. They compete very well and most of the time win in biddings,” said Livingstone.
