'Affordable' can be tough to find in Ontario's housing market right now. Here are three areas where prices are still actually affordable. REMAXca | realestate realestatenews housing affordablehousing Ontario realestatemarket
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.
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