3 Ontario Cities Ranked Among The Most Affordable Real Estate Markets In Canada
Of the ten most affordable real estate markets in Canada, it turns out that three of them are cities in Ontario.
A report by Point2Homes ranked Halifax, Nova Scotia in first place, followed by Windsor, London, and Oshawa in second, third, and fifth place, respectively.
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[rebelmouse-image 26006868 alt="Canada's Most Affordable Markets" photo_credit="Point2Homes" expand=1 original_size="1000x830"] Point2Homes
The ranking compares average household income in the area with average home costs, as well as the percentage of your income that will go towards your mortgage.
In Windsor and London, the average homeowner only needs to spend 11.4% of their income on mortgage payments.
In Oshawa, it's 12.1%.
The report claims that in Windsor and London, incomes have been increasing faster than home prices for the past decade.
Not all cities in Ontario are blessed with such affordability — the same report by Point2Homes claims that purchasing an average home in Toronto requires a yearly salary of $130,000.