Three Ontario Markets Where You Can Still Find Affordable Housing

Beyond Toronto’s pricey properties, though, Ontario still harbours several sizeable markets where budget-friendly abodes can be found and where mortgage payments won’t eat up your entire paycheque — a vital factor in determining affordability.

According to a recent survey commissioned by RE/MAX Canada, 18% of Canadians define affordable housing as allocating 30% to 40% of their monthly household income towards housing costs, like mortgage payments and property taxes. three significant real estate markets across the province that continue to offer relative affordability.

In 2023, the average home is expected to cost $338,366.25, requiring a down payment of $67,673.25. The average mortgage in Thunder Bay is $270,693, with monthly payments amounting to $1,674. Based on the average provincial salary, residents allocate ‘just’ 26.95% of their monthly income to their mortgage.With more move-over buyers flocking to Sudbury from pricer urban areas, average sales are expected to increase by 6.5% in 2023, keeping the city in a seller’s market.

The average down payment required is $98,032, and the average mortgage costs $392,128. Monthly payments amount to $2,426, meaning that Sudbury residents allocate 39% of their monthly income to their mortgage.It’s expected that in the first half of 2023, home prices in Windsor will plateau while sales decline. However, both should rebound in the latter half of the year. As with other still-affordable cities, the price jump is being driven by buyers moving in from more expensive regions.

The estimated average home price in 2023 is $649,278.01, requiring an average down payment of $129,855 and leading to an average mortgage of $519,422. Each month, Windsor residents spend $3,213 on their mortgage, or 51.72% of their income.Zoe Demarco is a Staff Writer at STOREYS and was formerly the Urbanized Editor at Daily Hive. Born and raised in Toronto, she has a passion for the city's ever-changing urban landscape.

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

These are the three cheapest places to purchase a home in OntarioIt may be getting a bit cheaper to purchase a home in Canada's largest city, but Toronto is by no means an affordable place to reside, remaining on... Alex, the question is: 'Name three cities in Ontario that I wouldn't be caught dead in.' Who the heck wants to live in Thunder Bay, Sudbury & Windsor. TIL the avg Ontario monthly income is $5,987,71
Source: blogTO - 🏆 44. / 63 Read more »

Depending on station, Sudbury gas mostly 149.9 to 159.9 todayOntario gas price average is 145.1 Go to Costco people. Don’t give in to the gougers. Thank you Costco!
Source: sudburydotcom - 🏆 6. / 89 Read more »

Inside the Ontario years of Elon Musk, the world's most absurd billionaireBefore Elon Musk was the egomaniacal, influential and just plain weird owner of SpaceX, Tesla and Twitter, he was an awkward kid who built computers and chased girls at Queen’s University. Inside his early years: This is who you think is the worlds most “absurd” billionaire? The guy literally has rockets landing and returning to earth, cars that are pioneering the electric movement and autonomous driving 🙄 elonmusk He still is that same gem Fuck neurolink but u can try it
Source: torontolife - 🏆 20. / 68 Read more »

Construction of Ontario’s Greenstone Gold Mine hits milestone - constructconnect.com - Daily Commercial NewsGERALDTON, ONT. — The Greenstone Gold Mine south of Garaldton, Ont. Is 50 per cent constructed and on schedule for its first gold pour in 2024, according to a recent update. The mine is a joint venture between Equinox Gold and Orion Mine Finance. Concre
Source: DCN_Canada - 🏆 17. / 74 Read more »

This Ontario city was just named a top travel destination for 2023For anyone looking for inspiration of where to travel to in 2023, CNN Travel just released a list of its top picks and one Canadian city made the c...
Source: blogTO - 🏆 44. / 63 Read more »

3 Costco coworkers share huge lottery win in OntarioThree Toronto-area coworkers are one million dollars richer after winning the lottery. Lol...they have masks on. They don't want to share with extended family. Goodbye Costco...it's been unreal I see that the OntarioLottery is led by mask mentality.
Source: CP24 - 🏆 30. / 67 Read more »