You Don't Need A Huge Salary To Afford A House In These Ontario Cities (VIDEO)
Toronto being one of the most expensive cities in Canada is well-known at this point. While it might be easy to think the rest of the province is just as pricey, Ontario's cheapest cities are actually way more affordable. In one, you only need to be making around $33,000 a year to own a home.
According to a report from RE/MAX, the average cost of a house in some Ontario cities can be as low as $286,114.
That's the case for North Bay, where the income required to own property is just below $40,000.
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RE/MAX notes that heading away from the more popular southern part of the province means that there may be less access to amenities due to lower development.
However, CTV News reports there have been surging sales in the region, something that Burk's Falls Mayor Cathy Still attributes to improved infrastructure.
Sudbury has also become a hotspot for real estate sales due to its level of affordability.
RE/MAX reveals that owning a house there takes a yearly salary of only $33,749. A house within the city will likely be priced in the range of $297,938.
Barrie, Peterborough, Niagara, and Windsor (where RE/MAX notes you can get a large property for the cost of a two-bedroom apartment in the 6ix) were also named as having some of the province's least expensive homes, with average costs ranging from $570,612 down to $383,521.
Considering that a house in Toronto is likely to be anywhere around $1 million (even if it was destroyed by a fire), these cities offer a major discount.
While living in a place like Toronto has been seen as the goal for young professionals in the past, businesses moving to work-from-home models have shifted the demand to smaller markets.
RE/MAX previously cited a Leger survey which found that almost a third of Canadians said they no longer wanted to live in major urban centres.
They also revealed that they are looking for more space than they might get in a city like Toronto, with 44% saying they wanted more room for amenities like a pool or a deck.