Ontario cities with the least and most pricey homes

by Ephraim Vecina on 23 May 2018

Despite the Ontario government’s implementation of the Fair Housing Plan around a year ago, affordability remains a core concern among current and would-be home owners. A new study by Toronto-based real estate information website and brokerage Zoocasa looked at fresh data to determine the most and least affordable cities in the province.

Zoocasa analyzed median household incomes from Statistics Canada as well as average April 2018 home prices provided by the Canadian Real Estate Association (CREA), and determined that Thunder Bay is currently the most affordable Ontario city for home seekers, with a Single-Income Ratio of 6 and a Dual-Income Ratio of 2, along with an average home price of $217,745.

Other pockets of affordability in the province are:

Rank 2: Sudbury

Single-Income Ratio: 9

Dual-Income Ratio: 3

Average Home Price: $268,696

Rank 3: Windsor

Single-Income Ratio: 9

Dual-Income Ratio: 4

Average Home Price: $303,183

Rank 4: Ottawa-Gatineau

Single-Income Ratio: 9

Dual-Income Ratio: 4

Average Home Price: $418,232

Rank 5: Kingston

Single-Income Ratio: 10

Dual-Income Ratio: 4

Average Home Price: $366,582

Read more: Toronto property values to get major boost

As for the cities that ranked lowest in terms of affordability:

Rank 1 (Least Affordable): Greater Toronto

Single-Income Ratio: 20

Dual-Income Ratio: 9

Average Home Price: $804,584

Rank 2: Hamilton

Single-Income Ratio: 16

Dual-Income Ratio: 6

Average Home Price: $569,490

Rank 3: Oakville

Single-Income Ratio: 15

Dual-Income Ratio: 5

Average Home Price: $719,000

Rank 4: Durham

Single-Income Ratio: 14

Dual-Income Ratio: 6

Average Home Price: $604,51

Rank 5: Peterborough

Single-Income Ratio: 14

Dual-Income Ratio: 6

Average Home Price: $448,875

The surprise presence of Peterborough, which is situated quite a ways from Toronto, “suggests that there could be growing demand from buyers priced out of the GTA that are willing to commute from much further afield - and incomes in these cities have not caught up to the average home price,” Zoocasa stated.

 

 

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