Where You Can Still Find Affordable Homes In Ontario

. To do so, the real estate agency compared the average home price in 28 cities and calculated the average monthly mortgage payment required to purchase such a property., and average monthly mortgage payments were calculated assuming a 20% down payment with a 25-year amortization period at a 4.94% rate.Unsurprisingly, given the aforementioned home prices, the lowest prices lie far from the GTA.

According to the report, the locale with the lowest monthly mortgage payments in Ontario is Sault Ste. Marie. As of May, the city’s average home price was $287,600 — about $909K less than Toronto’s — requiring a monthly mortgage payment of just $1,330 — nearly $1,500 less than theNorth Bay was a distant second, with an average home price of $409,300 — although the price has fallen 10.1% since May 2022. Such an abode requires an average monthly mortgage payment of $1,893.

Sudbury was deemed the third cheapest city in Ontario, with an average home price of $451K and a corresponding monthly mortgage of $2,086. Bancroft followed, with an average home price of $496,500, which requires a monthly mortgage payment of $2,297. Kingston, in fifth place, was the only city included in the report with an average home price above $500K. At $555,200, though, it was still far more affordable than even the cheapest GTA city, and was down 9.7% from May 2022. The average monthly mortgage payment for Kingston’s average-priced home was $2,568, $240 less than rent in Toronto.

. If the bank delivers on its anticipated 25-basis-point increase, many mortgage borrowers will “feel the pinch of higher payments.”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.

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