By Juliana Driscoll, REALTOR® — Century 21 Blue Sky Region Realty Inc.

Buying a home has always been a big milestone — but heading into 2026, affordability is the #1 question on most buyers’ minds.

The good news?

North Bay remains one of the most approachable, family-friendly, and affordable real estate markets in Ontario, even as other regions see major price pressures. Whether you’re a first-time buyer, upsizing, downsizing, or relocating from the GTA, this guide breaks down exactly what you need to know to buy with confidence in 2026.

Let’s dive into what homes cost right now, what to expect next year, and how to plan your budget so you’re ready.

1. What Homes Cost in North Bay Heading Into 2026

While prices softened slightly through 2025, North Bay continues to offer incredible value compared to Southern Ontario markets.

As of late 2025:

• Average price: ~$390,000

• Median price: ~$350,000

• Starter detached homes: $330,000–$450,000

• Townhouses & semis: $300,000–$375,000

• Waterfront: varies dramatically depending on location, frontage & structure

Even with rate fluctuations, the monthly cost of ownership in North Bay remains significantly more manageable than in larger centers.

2. What Will 2026 Bring? (A Quick Prediction)

Based on 2025 behaviour and current trends:

✔️ Prices are expected to stay relatively stable

No sharp increases, no dramatic drops.

✔️ More inventory is likely

Buyers may have more choice and negotiating power.

✔️ Interest rates may trend slightly downward

Even a 0.25% reduction can make a meaningful difference in monthly affordability.

✔️ Competition will vary by neighbourhood/home

Family-friendly pockets (Pinewood, Birchaven, Airport Hill), lake access areas, and well-maintained listings that are priced appropriately will continue to move relatively quickly.

3. How to Budget for a Home in North Bay

Here’s a simple, realistic way to plan for homeownership:

Rule of Thumb:

Your monthly mortgage + utilities + taxes should be no more than 30–35% of your take-home income.

Breakdown of Costs to Plan For:

Mortgage payment:

Depends on rate + down payment. Most first-time buyers put 5–10% down.

Utilities:

• Hydro: $120–$180/month on average

• Gas/propane/oil: varies by home type

• Water/sewer: $60–$100/month

Property taxes:

Typically $2,800–$4,200/year depending on location & home size.

Insurance:

Around $80–$120/month

Maintenance:

Set aside 1–3% of the home’s value per year, depending on age and systems.

4. Programs & Incentives That Can Help in 2026

Most buyers don’t realize how many real savings tools exist.

✔️ First-Time Home Buyer Incentive (CMHC) – still active

Shared equity program that lowers mortgage payments.

✔️ First Home Savings Account (FHSA)

Contribute up to $8,000/year (max $40,000) tax-free toward your first home.

✔️ RRSP Home Buyers’ Plan

Borrow up to $60,000 ($120,000 for couples) from your RRSP for a down payment.

✔️ Land Transfer Tax rebate for first-time buyers

Ontario rebate up to $4,000.

✔️ Local Grants & Utility Incentives

Home efficiency upgrades, insulation rebates, heat pump incentives — especially relevant for older North Bay homes.

5. How to “Future-Proof” Your Purchase in 2026

Smart buyers ask: “Will this home still make sense for me in 5 years?”

Here’s how to make a future-proof move:

Choose a neighbourhood that fits your lifestyle long-term

(Scroll back one post where I break down some of our local neighbourhoods!)

Consider utility costs

Homes with updated windows, insulation, and heating systems save thousands long-term.

Look beyond list price

Taxes, commuting, repairs and insurance all impact your real bottom line.

Keep your payments comfortable

Don’t max yourself out — leave room for life, kids, travel, emergencies.

6. What Buyers Should Do NOW to Prepare for 2026

Here’s a simple, actionable checklist:

✔️ Check your credit score

Aim for 680+ for the best rates.

✔️ Speak with a mortgage professional before looking at homes

This clarifies your price range and strengthens your offers.

✔️ Start setting aside a monthly “mock payment”

Whatever you save now becomes your moving cushion later.

✔️ Get your FHSA or RRSP savings strategy in place

These accounts can make a massive difference.

✔️ Talk to a local REALTOR® (me!) to understand neighbourhood price trends

Every area in North Bay behaves differently.

Final Thoughts: Yes — Homeownership Is Still Within Reach in 2026

Despite what the headlines say, North Bay remains one of the most financially accessible places to buy a home in Ontario. The key is understanding your budget, planning ahead, and choosing the right neighbourhood and strategy for your lifestyle.

If you’re thinking about making a move in 2026 — whether it’s your first place or a family upgrade — I’d love to walk you through the process with clarity, confidence, and zero pressure.

Let’s talk about what’s possible for you.

Your home, your pace, my support.