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Ajax, Ontario's housing market

According to the Durham Region Association of Realtors Housing Report, the average selling price of a house in Ajax was $1,063,888 in May 2023. The average selling price of a detached home was $1,155,736, while a demi-detached sold for 1,012,355 on average. The average price of a townhouse was $775,938.

Last year, the average selling price of a house in Ajax in May was $1,099,882. On average, a detached home in Ajax sold for $1,252,101 while a semi-detached sold for $964,545 and the average selling price of a townhouse was $785,516.

With a population of 126,000 (as per Statistics Canada’s 2021 Census of Population), Ajax is relatively close to Toronto and easily accessible via major highways and public transportation. It is a part of the eastern suburbs of Toronto and part of the GTA or Greater Toronto Area, approximately 25 kilometers east of downtown Toronto.

The Durham Region is a lucrative destination for homebuyers with the projected population expected to reach 130,000 by 2051, according to the 2022 Economic Development and Tourism Annual Report for Durham Region.

While the MLS® Home Price Index (HPI) composite benchmark price witnessed a 10.51% decline, settling at $981,100 for the region, it is important to note that this decrease was observed across all markets in Durham Region on a year-over-year basis. Due to the Bank of Canada’s several overnight rate hikes affecting mortgage rates across the country, this decline is common in all markets year-over-year.

First-Time Home Buyer Incentive

First-time home buyers in Canada can avail the Government’s First-Time Home Buyer Incentive, making it easier for people who are buying their very first home in Canada to lower their monthly mortgage payments.

This program is on a shared equity basis and works by getting an extra 5% or 10% of the down payment of your home and then repaying the government either 5% or 10% of the property’s market value at the time of repayment, up to a maximum repayment amount equal to: 

• In the case of appreciation, the Incentive amount plus a maximum gain to the Government of 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment; or
• In the case of a depreciation, the Incentive amount minus a maximum loss to the Government of 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment.

You’re considered a first-time homebuyer if:

• you have never purchased a home before in Canada
• you did not occupy a home that you or your current spouse or common-law partner owned in the last 4 years (the 4-year period begins on January 1 of the fourth year before the Incentive is funded and ends 31 days before the date the Incentive is funded)
• you have recently experienced the breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements).

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Tips for first-time home buyers in Ajax, Ontario

Buying your first ever home in Canada can be daunting because of all the paperwork and important steps you need to take to achieve that goal. As a first-time home buyer you must be aware of the incentives available to you so that you put your hard-earned money in the right place.

Here are a few tips for ensuring your first-time home buying experience is seamless:

Evaluate your costs from start to finish: 

Research and understand the various expenses you’ll have to incur around buying your first home. Assess your finances like your income and expenditures and determine how much money you will need for a downpayment as well as closing costs, besides the mortgage payments and taxes you’ll have to pay. Use RATESDOTCA’s online mortgage affordability calculator to determine how much mortgage you can actually take based on your income and expenditure.

Get mortgage pre-approval:

Before you start your house search, it is advisable to get pre-approved for a mortgage. A financial lender will evaluate your money situation and determine the maximum loan amount they're willing to lend you. Pre-approval gives you a clear idea of your budget and helps streamline the buying process. Reach out to a mortgage broker or financial agent to help you reach out to mortgage lenders.

Research government’s first-time home buyer incentive: 

The First-Time Home Buyer Incentive by the Government of Canada is a great way to help you save while buying your first home in the country. Research the incentives available to you and avail the discounts that you can. An extra dollar saved hurt no one.

Learn about the Ajax market:

Familiarize yourself with the Ajax and Durham Region real estate market. Research recent housing trends, average prices, and neighborhoods that align with your preferences. Consider factors such as proximity to amenities, schools, transportation, and future development plans.

Prioritize your needs and wants: 

We all have an ideal list of things we want to see in our dream home. Make a list of your must-have features in a home, such as the number of bedrooms, bathrooms, or a specific location. Differentiate between essential elements and desirable amenities. This will help you narrow down your search and focus on properties that meet your criteria.

Plan for the long term: 

Consider your long-term goals and how the chosen property aligns with them. Are you planning to start a family, or do you expect changes in your lifestyle or career? Assess the property's potential for growth and its suitability for your future needs.

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