Looking to buy a home? It's no secret that the real estate market in Ontario can be expensive and it's easy to feel overwhelmed by the high prices and competition.
A recent study by WOWA revealed that Ontario is the second-most expensive province in Canada, with British Columbia coming in first.
The average home price in Ontario, according to Zolo, is $900,161. Areas such as Toronto, King and Oakville are known for their high housing costs.
However, there is hope.
Zolo has released a list of the 10 most affordable Ontario cities to buy a home to help you find your dream property.
The list was complied by calculating the home price-to-income ratio for 97 Ontario cities using data from the Federal Government’s Economic Regions. The cities were then ranked from one to 97, with one being the most affordable. The study also looked at factors such as unemployment rate, population growth and economic strength.
Here are the top 10 affordable cities and small towns in Ontario to buy a home, ranked in descending order based on housing prices from March 2024.
Thunder Bay
Coming in at number 10 for the most affordable spots to live in Ontario is Thunder Bay. The average house price is $365,000 while the average household income is $87,700, giving it a home price-to-income ratio of 5.80. The city has a 4.3% unemployment rate.
The community is known as "The Gateway to Northwest Ontario," according to the website, and is home to 150,000 lakes and rivers.
From Fort William Historical Park to skating, museums, art galleries, hiking and more, there's so much to enjoy in the city.
Ingersoll
Located in southwestern Ontario, this small town might be worth moving to if you're looking for cheaper home prices. The town's average price for a house is $561,815 and the average household income is $99,900. This makes the home price-to-income ratio 8.32.
Ingersoll has a 3.8 % unemployment rate.
The town is home to cute parks, museums, speciality shops, quaint local restaurants and more and is an idyllic place to escape the city.
Ottawa
Despite being a large city, Ottawa still made the list of the most affordable spots to buy a home in Ontario. On average, homes in the Capital cost $688,572 and the average household income is $115,300. The home price-to-income ratio 8.61.
Ottawa's unemployment rate is 4.9%.
There's so much to enjoy year-round in the city. From exploring museums to visiting art galleries, gliding along the Rideau Canal and having fun at Winterlude, there are endless opportunities for entertainment and fun in Ottawa.
Paris
While it isn't the iconic city in France, Paris, Ontario still boasts tons of charm and is on the list for one of the most affordable spots to purchase a home in Ontario.
The average home price in the small town is $694,185 and the average household income is $112,900, giving it a home price-to-income ratio of 9.36. It has an unemployment rate of 3.8%.
Situated on the banks of the Grand River, the town is known as the "Cobblestone Capital of Canada" due to its many historic buildings, so if you're dreaming of some old-world charm, it might be worth looking at houses here.
Rockland
Rockland, a bilingual area located near Ottawa, is another one of the province's most affordable spots to buy a home. The average house here costs $638,713 and the average household income is $111,600, giving it a home price-to-income ratio of 8.52. The unemployment rate is 4.9%.
The quiet community is home to a museum as well as some eateries and cafes.
Arnprior
Arnprior is located close to Ottawa and has an average home price of $482,732. The average household income in this town is $92,300.
The home price-to-income ratio is 7.38 and the unemployment rate is 5.1%.
According to the town's website, it has an "amazing restaurant selection, vibrant downtown and beautiful outdoor spaces," so it could be worth looking at real estate here.
Tillsonburg
This small town has an average home price of $588,172 and an average household income of $87,600. The home price-to-income ratio is 9.60 and the unemployment rate is 3.8%.
The town is home to historic streets, attractions and the "widest Main Street in Ontario," according to the website.
Kanata
Located within the Ottawa region, Kanata is another spot where real estate is more affordable. According to Zolo, the average house price is $810,021 and the average household income is $146,600, making the home price-to-income ratio 8.66.
The unemployment rate is 4.9%.
The area has some beautiful hikes and trails to explore, as well as skiing in the winter. It's close to downtown Ottawa so you can still enjoy the offerings of a big city.
Carleton Place
The second most affordable spot to buy a home in Ontario is Carleton Place. The small town has an average home price of $555,174 and an average household income of $100,700.
The home price-to-income ratio is 7.93 and the unemployment rate is 5.1%.
The area has a beautiful historic downtown, sun-filled patios and a park with a beach.
Nepean
According to Zolo, Nepean is the most affordable place in the province to purchase a home. The average home price in this community as of March 2024 is $572,388 and the average household income is $137,000, giving it a home price-to-income ratio of 6.69.
The area also has a 4.9% unemployment rate.
Nepean is located in the geographic area of Ottawa, meaning that you'll be in close proximity to the Capital's attractions, restaurants and offerings.
Ontario affordable cities chart.Zolo
Zolo also revealed most affordable large cities, medium cities and small cities in Ontario.
If you're craving some big city excitement, the most affordable spots to purchase a home are Nepean, Kanata and Ottawa. As for medium cities, Thunder Bay, Woodstock and Stratford made the cut.
For small cities, Carleton Place, Tillsonburg and Arnprior are the spots to look.
If you're looking for the cheapest house prices, Zolo says that Timmins is the place to check out. The area has the lowest average home price as of March 2024 at $320,893.
LaSalle has the cheapest cost of living, with an average home price of $468,291 and the average two-person household income of $144,600.
You can check out the full report on Zolo.