Zolo’s Guide to the Most Affordable Cities To Buy a House in Ontario

Toronto, Canada, 2021-May-06 — /EPR Network/ — Canada’s average home selling price has climbed to a new all-time high, according to CREA. Prices rose by 31.6% year-over-year in March, despite a recent surge of new housing supply. The average selling price of a Canadian home in March 2021 was $716.828, leaving many prospective buyers wondering, can I afford a home?

To offer clarity, Zolo created an in-depth guide highlighting the most affordable cities in Ontario, which is home to 39% of Canada’s total population. Many downsizers, first-time buyers, and move-on-uppers in Ontario seek an affordable home — but the question remains, where can I find an affordable home?

Zolo evaluated 200 cities and towns of varying sizes and considered the following elements when creating its list of the most affordable cities in Ontario:

• Affordability – Calculated in each city using the home-to-price ratio. This calculation helps determine how long it would take the average earner to pay off an average-priced home.
• Unemployment rates – Focusing on each city’s current and potential economic health.
• Population growth – Based on Statistics Canada Census data. The assumption is that a higher growth rate supports more employment opportunities, making it easier to find a job and buy a house.

For this analysis, small cities have a population under 30,000, medium cities have a population between 30,000 and 100,000, and large cities have a population of over 100,000.

According to the data, these are the most affordable cities in Ontario by size:

Top 5 Most Affordable Large Cities in Ontario

1. Windsor
2. London
3. Barrie
4. Kanata
5. Guelph

Top 5 Most Affordable Medium Cities in Ontario

1. Sarnia
2. Thunder Bay
3. Sudbury
4. Stoney Creek
5. Sault Ste. Marie

Top 5 Most Affordable Small Cities in Ontario

1. Deep River
2. Rainy River
3. Smooth Rock Falls
4. Englehart
5. Marathon

Refer to this Zolo post to learn more about the figures (average home price, population, average household income, etc.), as well as the features of each city.

Crunching the numbers? Learn how big of a mortgage you can afford, as well as the actual costs of owning a home.

Recommended reading:

• Full Infographic for Most Affordable Cities in Ontario
• Full Infographic for Most Affordable Cities in Ontario for Single Income Earners

 About Zolo

Zolo is one of Canada’s most popular and trusted national real estate marketplaces. Each month, over 10 million home shoppers use Zolo to level up the way they buy, sell, rent, finance and learn about real estate.

www.zolo.ca 

Press Contact:

Nicole Sullivan

Outreach specialist

Nicole.sullivan@zolo.ca

416-895-5407