{"id":15803,"date":"2018-09-26T01:00:05","date_gmt":"2018-09-26T05:00:05","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=15803"},"modified":"2018-09-26T09:44:55","modified_gmt":"2018-09-26T13:44:55","slug":"these-are-the-most-affordable-housing-markets-in-ontario","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/these-are-the-most-affordable-housing-markets-in-ontario\/","title":{"rendered":"These Are the Most Affordable Housing Markets in Ontario"},"content":{"rendered":"

Ontario, Canada\u2019s largest province by population, is often thought to have its priciest real estate, too \u2013 a common perception, considering the province is home to the Toronto housing market, a city reportedly so hot that it boasts price growth challenging that of Vancouver.<\/p>\n

However, according to recent data compiled by Zoocasa, Toronto doesn\u2019t take top spot for Ontario\u2019s most unaffordable housing market. That honour goes to the residential suburb of Richmond Hill, where locals earning the median household income of $88,535 would find themselves a whopping $47,962 short to purchase a home at the average price of $999,311.<\/p>\n

In comparison, a Torontonian earning the city\u2019s median household income of $65,829 would find themselves $41,282 short of the average home price of $785,223.<\/p>\n

Much of Toronto\u2019s second-place unaffordability is due to its more diverse mix of housing; condo sales made up 56 per cent of the transactions that occurred in August, in contrast to detached home sales taking the lion\u2019s share in Richmond Hill, at 52 per cent. A greater proportion of more expensive home types sold\u00a0skews the average home price \u2013 and affordability gap – higher, to nearly the million-mark at $999,311.<\/p>\n

What Determines an Affordable Market?<\/h2>\n

However, a region\u2019s home affordability is dependent on more than just the average home price – incomes must also be aligned in order for residents to afford to purchase, and carry, local properties.<\/p>\n

Despite being home to one of Canada\u2019s hottest housing markets, whether or not this is the case throughout Ontario varies widely across the province. For example, a prospective home buyer perusing Ottawa real estate<\/a>\u00a0or London, Ontario real estate<\/a>\u00a0would enjoy greater purchasing power in relation to their household income, compared to a household\u00a0in Mississauga who would incur a $10,000-gap in their budget. Meanwhile, those making the move to Hamilton in search of relative affordability will find it, as the local median income of $67,298 remains perfectly in line with the average home price of $501,073.<\/p>\n

Which Ontario Markets Are Most Affordable?<\/h2>\n

To determine which markets are most aligned with incomes, Zoocasa calculated the required income to purchase the average home in 28 major markets across the province, assuming a 20-per-cent down payment is made at a mortgage rate of 3.14% and a 30-year amortization. This amount was then compared to the actual median household income in each region, to determine whether local home buyers face an income gap or surplus when attempting to enter the market.<\/p>\n

Check out the infographic below to see which Ontario housing markets are most affordable for local home buyers:<\/p>\n

\"ontario-home-affordability-income-gap-zoocasa\"<\/a><\/p>\n

5 Most Affordable Housing Markets in Ontario<\/h2>\n

1 \u2013 Thunder Bay<\/h3>\n

Average Home Price: $227,750<\/p>\n

Required Income: $31,067<\/p>\n

Median Income: $66,163<\/p>\n

Surplus: $35,096<\/p>\n

2 \u2013 Sudbury<\/h3>\n

Average Home Price: $272,523<\/p>\n

Required Income: $37,174<\/p>\n

Median Income: $68,736<\/p>\n

Surplus: $26,901<\/p>\n

3 \u2013 Ottawa<\/h3>\n

Average Home Price: $433,684<\/p>\n

Required Income: $59,158<\/p>\n

Median Income: $85,981<\/p>\n

Surplus: $26,823<\/p>\n

4 \u2013 Whitby<\/h3>\n

Average Home Price: $632,395<\/p>\n

Required Income: $86,264<\/p>\n

Median Income: $103,809<\/p>\n

Surplus: $17,545<\/p>\n

5 \u2013 Waterloo<\/h3>\n

Average Home Price: $493,358<\/p>\n

Required Income: $67,298<\/p>\n

Median Income: $83,045<\/p>\n

Surplus: $15,747<\/p>\n

5 Least Affordable Ontario Housing Markets<\/h2>\n

1 \u2013 Richmond Hill<\/h3>\n

Average Home Price: $999,311<\/p>\n

Required Income: $136,315<\/p>\n

Median Income: $88,353<\/p>\n

Income Gap: $47,962<\/p>\n

2 \u2013 Toronto<\/h3>\n

Average Home Price: $785,223<\/p>\n

Required Income: $107,111<\/p>\n

Median Income: $65,829<\/p>\n

Income Gap: $41,282<\/p>\n

3 \u2013 Vaughan<\/h3>\n

Average Home Price: $997,587<\/p>\n

Required Income: $136,079<\/p>\n

Median Income: $105,351<\/p>\n

Income Gap: $30,728<\/p>\n

4 \u2013 Markham<\/h3>\n

Average Home Price: $875,182<\/p>\n

Required Income: $119,382<\/p>\n

Median Income: $89,028<\/p>\n

Income Gap: $30,354<\/p>\n

5 \u2013 Oakville<\/h3>\n

Average Home Price: $1,030,482<\/p>\n

Required Income: $140,567<\/p>\n

Median Income: $113,666<\/p>\n

Income Gap: $26,901<\/p>\n","protected":false},"excerpt":{"rendered":"

Ontario, Canada\u2019s largest province by population, is often thought to have its priciest real estate, too \u2013 a common perception, considering the province is home to the Toronto housing market, a city reportedly so hot that it boasts price growth challenging that of Vancouver. However, according to recent data compiled by Zoocasa, Toronto doesn\u2019t take […]<\/p>\n","protected":false},"author":39,"featured_media":15807,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1107,33],"tags":[],"class_list":["post-15803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-real-estate-news"],"yoast_head":"\nThe Most Affordable Housing Markets in Ontario | Zoocasa<\/title>\n<meta name=\"description\" content=\"What are the most affordable housing markets in Ontario? 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