Future homebuyers, this one is for you! A new list has revealed the most affordable cities in Ontario where you can take the plunge and buy a home. Though home buying may seem like only a dream, it may be more realistic if you consider making a move to one of these 10 cities listed.
Real estate site Zolo.ca has compiled a list of the top 10 most affordable cities, big and small, in Ontario to buy a home.
Over 180 cities were analyzed, small cities with a population under 30,000, medium cities with a population between 30,000 and 100,000, and large cities with a population over 100,000.
Each city was then ranked based on three specific factors: Housing affordability, Economic Strength and Population Growth.
“To determine the total score of each city, we ranked and then scored each factor. The higher the score, the more affordable the city,” shares Zolo.
“With this data in mind, the most affordable cities are mostly small cities or towns. But not everyone wants to live in a small or medium-sized city.”
That being said, small, medium, and larger cities were considered for an overall top 10 list.
According to the list, the most affordable city in Ontario is Wasaga Beach. Its average home price as of April 2023 is about $325,189 with an average household income of $91,900.
The next most affordable city is Nepean with an average home price of $701,987. The average household income is greater, standing at $137,000, leaving the home price-to-income ratio just above half.
Third up is Casselman with an average home price of $643,209. And if you don’t know where Casselman is located, it’s about less than 40 minutes away from Ottawa.
Take a look at the entire top 10 list below:
And unfortunately for us in the GTA, it looks like home prices are better off a few hours away from the city. But you already knew that!