Have you been wanting to own a home in Toronto and simply can't afford it? Well, it might be time to widen your horizons and look for a house that you can actually buy in other cities in Ontario.
However, don't get your hopes up because the news isn't so great for people in the province compared to the rest of Canada.
"Ontario is unfortunately one of the least affordable provinces to buy in," Zoocasa stated in a report.
According to Zoocasa, "the national benchmark price is still 3.7% higher than it was last year, at $766,600."
The company analyzed the average home prices and median income in 20 cities in Canada and compared them to one another.
They found that Ottawa, Thunder Bay and Windsor/Essex were the most affordable cities in Ontario.
"In these cities, the median income is higher than the income required for the average home by over $16,000, $47,700 and $7,000 respectively," Zoocasa reported.
Where could a median-income household afford to buy in Canada in 2022?Courtesy of Zoocasa
In Ottawa, the average home price in September 2022 was $645,987, with a required average income of $105,038.
In Thunder Bay, the average home price is $318,045, and a required income of $51,713 is needed to buy one.
If you'd like to buy a home in the Windsor/Essex area, the average home price is $523,949, and one would need an income of $85,200 to own it.
For those in Toronto, you might want to keep searching for a high-paying job because the 6ix was ranked the second most expensive and unaffordable city in Canada, after Vancouver.
An average home in Toronto costs $1,086,762 and has a required income of $176,738. So you might want to consider looking into buying a timeshare instead.
Other cities that made it on the list are:
- Niagara Region: Home price: $686,400. Income required: $111,638
- Hamilton: Home price: $847,946. Income required: $137,888
- Kitchener-Waterloo: Home price: $760,577. Income required: $123,675
- London: Home price: $635,393. Income required: $103,313
- Kawartha Lakes: Home price- $689,600. Income required: $112,163.
It's worth noting that the median income is less than the required income needed to buy an average home in Toronto, Niagara Region, Hamilton, Windsor-Essex, Kitchener-Waterloo, London and Kawartha Lakes.
This article's cover image was used for illustrative purposes only.