Zolo, an independent real estate marketplace, has revealed a list of the best cities in Ontario where you can buy a house. The company used various factors such as average income, unemployment rate, and population growth to conclude its research.
Each city on the list was given a total score out of 100.
Windsor is on top of the list as the most affordable large-sized city in the area. You can buy a house in that city for an average price of $534,000. The median household income there is $82,840 which means that the home price to income ratio 6.45. The home price to income ratio shows you how much time is needed to pay off the house. The ratio of 6.45 means it would take the average household 6.45 years to pay off their home.
Windsor is followed by London, Barrie, Kanata, Guelph, Hamilton, St. Catharines, Waterloo, Kingston, and Kitchener. All of them count as Ontario’s large affordable cities.
In the medium-sized cities category, Sarnia took the top spot. Its average house price is $358,000 and household income of $91,592. This means that the home price to income ratio in Sarnia is 3.91.
Thunder Bay, Sudbury, Stoney Creek, Sault Ste. Marie, Cornwall, Chatham, Leamington, North Bay, and Orangeville are all counted as affordable medium-sized cities in Ontario and good places to find a home.
Deep River, situated close to Ottawa, is the most affordable small city to buy a house. The average home price in that city is $217,000, and the average household income is $100,343. According to that information, the home price to income ratio in Deep River is 2.16. Other affordable small cities in Ontario are Rainy River, Smooth Rock Falls, Englehart, Marathon, Clinton, Blind River, Timmins, Pembroke, and Valley East.
Here is the list that includes all categories and stats:
Top 5 most affordable large cities
Top 5 most affordable medium-sized cities
Thunder Bay (98.58)
Stoney Creek (96.84)
Sault Ste. Marie (96.52)
Top 5 most affordable small-sized cities
Deep River (93.46)
Rainy River (91.62)
Smooth Rock Falls (90.60)