Zoocasa
Sold Prices
Mortgage Calculator
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Zoocasa
Home Affordability Reports

Best and Worst Ontario Cities for Home Affordability [REPORT]

Penelope Graham by Penelope Graham
May 17, 2018
in Affordability Reports, Infographics, Real Estate News
2 min read
Best Ontario Cities for Home Affordability
Share361
Tweet
Share
361 Shares

Home prices in Ontario may not be as high as they were in April 2017, as the region has since been impacted by the province’s Fair Housing Plan. However, despite these recent measures to cool runaway price growth and calm demand, the province still boasts some of the highest real estate values in the nation, especially concentrated around markets located within the Greater Golden Horseshoe.

It’s common knowledge that buyers will face much steeper costs to dwell within the City of Toronto – but are surrounding cities friendlier on the finances? To find out, Zoocasa compiled the home-price-to-income ratios in each of the province’s major markets, using median household incomes from Statistics Canada, and average April 2018 home prices provided by the Canadian Real Estate Association.

This ratio helps determine the affordability of real estate within a region, in comparison to the median gross income earned there – it represents the number of years it would take to pay off the average home in full, if a household dedicated 100 per cent of its income to doing so. According to financial experts, the ideal affordability ratio for shelter is three.

The data reveals that, for households with two or more incomes, there are only two housing markets in Ontario that fit this criteria, while none are within the realm of affordability for single-income earners.

Related Read: Best Canadian Markets for Buying a Home on One Income

Check out the best (and worst) Ontario cities for home affordability in the infographic below:

best-worst-ontario-cities-home-affordability-zoocasa

The 5 Most Affordable Ontario Cities

  • Thunder Bay – Single Income Ratio: 6, Dual-Income Ratio: 2, Average Home Price: $217,745
  • Sudbury – Single Income Ratio: 9, Dual-Income Ratio: 3, Average Home Price: $268,696
  • Windsor – Single Income Ratio: 9, Dual-Income Ratio: 4, Average Home Price: $303,183
  • Ottawa-Gatineau – Single Income Ratio: 9, Dual-Income Ratio: 4, Average Home Price: $418,232
  • Kingston – Single Income Ratio: 10, Dual-Income Ratio: 4, Average Home Price: $366,582

The 5 Least Affordable Ontario Cities

  • Greater Toronto – Single Income Ratio: 20, Dual-Income Ratio: 9, Average Home Price: $804,584
  • Hamilton – Single Income Ratio: 16, Dual-Income Ratio: 6, Average Home Price: $569,490
  • Oakville – Single Income Ratio: 15, Dual-Income Ratio: 5, Average Home Price: $719,000
  • Durham – Single Income Ratio: 14, Dual-Income Ratio: 6, Average Home Price: $604,51
  • Peterborough – Single Income Ratio: 14, Dual-Income Ratio: 6, Average Home Price: $448,875
Previous Post

Better Balance for Mid-May Home Sales [INFOGRAPHIC]

Next Post

Why Are Fixed and Variable Mortgage Rates on the Rise?

Penelope Graham

Penelope Graham

Penelope Graham is the Managing Editor at Zoocasa, and has over a decade of experience covering real estate, mortgage, and personal finance topics. Her commentary on the housing market is frequently featured on both national and local media outlets including BNN Bloomberg, CBC, The Toronto Star, National Post, and The Huffington Post. When not keeping an eye on Toronto's hot housing market, she can be found brunching in one of the city's many vibrant neighbourhoods, travelling abroad, or in the dance studio.

Related Posts

A view of the Toronto skyline.
Canada

Detached Home Prices Soar in the Greater Toronto Area (GTA) During Q1

May 31, 2023
A row of houses.
Canada

The Bank of Canada’s Interest Rate Pause: Assessing Real Estate Prices Since Last Year’s Hikes

May 25, 2023
Toronto skyline
Condominiums

Surging Condo Prices: Toronto Region’s Q1 Growth Revealed

May 23, 2023

Blog Search

No Result
View All Result

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Recent Articles

A view of the Toronto skyline.

Detached Home Prices Soar in the Greater Toronto Area (GTA) During Q1

May 31, 2023
a trowel and a fork in the ground.

Canadian Gardening Tips for a Successful Spring and Summer

May 30, 2023
A cottage on the lake

Best Cottage Areas in Ontario

May 30, 2023
Skyline of Toronto

Exploring the GTA Cities with the Highest Property Taxes: An In-Depth Analysis

May 29, 2023

Featured Listings (Updated Weekly)

A small lighthouse in Nova Scotia

Luxury Real Estate in Halifax, NS: 7 Listings You Can’t Miss

May 12, 2023

Updated: 7 Houses Currently For Sale in Toronto Under $699,900

May 2, 2023
A detached house on a sunny day.

Updated: 7 Houses Under $900,000 For Sale in Mississauga

April 27, 2023
The outside of a detached home.

Updated: Cheapest Toronto Homes Currently Listed for Sale Under $1,000,000

April 26, 2023
first-time home buyer programs and rebates

Social Media

250 The Esplanade Suite 408 Toronto, ON M5A 4J5

Terms of Use | Privacy Policy | Careers | Sitemap | About Us

 

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.

Stay Connected

1-844-683-4663 | [email protected] 

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
No Result
View All Result

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.