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It's only natural when you're buying something as large and expensive as a home to want to be absolutely sure you're getting the best value for your money. Heck, people do it with $40 shoes, so why wouldn't they do it with a $400,000 house? If you're the shopping around sort, we'll help you do your research on home values to make sure the home you've found really is the best value for your money. All statistics are based on the average sale prices for different types of property as compiled by the local real estate agents.
In London for instance, the price you'd expect to pay for a standard sized town house is about $250,000. Considering the size of the property and the size of the city, that's very cheap for Ontario. By comparison, townhouses for sale in Oakville (part of the Greater Toronto Area) average out closer to $426,000 and in the Beaches district of Toronto, you'd be looking at a whopping $575,000! London isn't the cheapest market for townhouses, however. That honor goes to North Bay, at $218,000.
But what about condos? Those are all the rage. Will you be shelling out as much as you would for a Toronto unit or is it affordable? A standard condo in London costs about $167,500. In Scarborough you'd be looking at about $200,000 and in midtown Toronto, about $410,000. Cheaper condos cannot be found anywhere else, though Brantford and Kitchener are pretty reasonable at $232,500 and $239,500 respectively.
It's small houses that families need when they're starting out. Such a property will cost $225,000 in London. If you were to look at a Milton homes you'd probably be looking at closer to $400,000. Some of the most expensive small homes are found in North Toronto ($645,000), Bloor West Village ($665,000), Thornhill ($700,000) and Lawrence Park ($800,000). The cheapest are in Sarnia ($169,000), Chatham ($170,000) and Hamilton Center ($213,000).
For those of you who are looking to live the mansion life with the smallest possible outlay, London comes in at around $616,000 for a large home. This is middle ground for a big house. Toronto real estate will run you about a million dollars, but the most expensive places to buy are Midtown Toronto at $2,200,000 and Moore Park at $2,125,000. The cheapest places are Parry Sound at $275,000 and Brantford at $305,000.