MoneySense magazine has just published its annual review identifying its recommendations of the best places to buy real estate in Canada and topping the list is Bancroft. The magazine states that it ranks the best-value neighbourhoods across the country based on the current average home price, price growth in recent years, and its neighbourhood features and economics. Above downtown Bancroft. Photo OHTO comewander.ca
The review justifies its selection by commenting that, “While it may have small town charm to burn, Bancroft is actually an economic powerhouse with a skilled local work force, thriving downtown core, and all the amenities of a larger city such as a vibrant retail and dining scene, art and theatre, schools and healthcare.” It also noted its convenient location between Toronto and Ottawa, as well as having its own small airport.
The review also notes that, in common with the rest of Ontario, the real estate market froze because of Covid following the lockdown imposed in March 2020. However, this was short lived and as restrictions were lifted in cottage country sooner than in big cities, the flow of urban transplants to the area starting in May 2020 resulted in bidding wars and home sales for well over list price. According to the Canadian Real Estate Association, the average price for Bancroft homes hit $576,177 in March 2021 – an 86.6 percent increase from the previous year.
Making up the top five in MoneySense’s list following Bancroft were Woodstock Ingersoll, London St. Thomas, Tillsonburg and Huron Perth. Click HERE to read the full MoneySense report.