These Canadian cities have the cheapest first-year homeownership costs Canada RealEstate
— a dream," reads a new report from Point2 on how first-year homeownership costs vary in different markets across the country.As homeownership rates declined to a 20-year low back in 2021, potential buyers might still be inclined to postpone ownership plans due to ongoing inflation and out-of-reach home prices.
Analysts found that the first year of homeownership is literally five times as expensive in some Ontario cities than it is in Quebec. "Feeling perpetually priced out of today's market, buyers have to decide whether to wait it out or bite the bullet — and the cost of the first year of homeownership is essential to making that choice in good conscience," reads the Point2 report.
Richmond Hill, Ontario, actually posted the highest tab for first-year homeowners at a staggering $400,700 (a 20 per cent downpayment alone makes up $281,700 of that figure, while closing costs come in at an average of $22,947.
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