If you think you need to move out of Ontario to afford a home, you're probably making a mistake and you'll be surprised to learn that home prices are currently much cheaper in some parts of the province than in others.
Source: blogto
For those willing to abandon the Greater Toronto Area (GTA) and set their sights further north — which is certainly much easier than moving elsewhere in Canada or immigrating to other countries — Ontario's cheapest cities are currently on average a full $1.6 million less expensive than the most expensive cities.
Surprisingly, the city with the highest housing prices is not Toronto; In fact, Toronto doesn't even make it into the top five.
According to a recent report by Canadian brokerage website Zoocasa, July data shows that King is considered the most expensive city in Ontario.
King's average home price is already as high as $1,927,333 million, and as of 2021, the community has a population of less than 30,000, which is equivalent to a monthly mortgage payment of $9,003 at current interest rates.
Oakville came in second, with an average home price of $1,528,833 (equivalent to $7,141 a month in mortgage payments).
Source: blogto
Last month's top five also included Whitchurch-Stouffville ($1,508,282 home price/$7,045 per month mortgage), Uxbridge ($1,478,565 home price/$6,906 per month mortgage) and Richmond Hill ($1,423,068 home price/$6,647 per month mortgage).
Sault Ste. Marie is considered the most affordable city in areas with lower home prices, with a standard home priced at about $348,889 and a mortgage of $2,013 per month — which is far cheaper than renting a studio in Toronto.
Thunder Bay (typical room price of $375,059 CAD and $2,164 per month mortgage) is also very cheap compared to anywhere in the GTA; North Bay ($415,191/$2,395 per month mortgage); Sudbury ($473,235 per month mortgage) and Windsor-Essex ($554,277 per month for $3,181 per month mortgage).
These prices may be considered normal or even high for many other cities and towns in North America, but they are quite good considering the average $670,000 to buy a house across Canada.
It's a great option for those willing to move their lives to the northern areas, a good 7.5-hour drive from Toronto, and settle in those areas, though it seems that these communities have a bad reputation.