Canada is one of the most desirable countries to settle in today. It is known for supporting an uplifted, high-end style of living with a place for everyone. Although it comprises several cities with a high standard of living, housing market in Ontario is one of the most popular states in Canada for people looking to buy a house.
The housing market in Ontario is evolving, and more and more potential buyers are now looking for an option in the state. The increase in buyer interest has led to a rise in affordable housing options in the province.
Availability of Affordable Housing Market in Ontario
The housing market in Ontario is popular as it offers people a chance to experience the best of Canada. Ontario housing market has some of Canada’s biggest and most prominent cities, like Ottawa, Toronto, etc.
While these cities might appear to have expensive real estate, you can find some of the cheapest houses in Canada using the right strategy. You can refer to the factors mentioned below to decide how appealing the housing market in Ontario is. Let’s have a look at how Ontario stands on these factors.
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Cost of Housing
Buying a house in Ontario is relatively easy if you have a respectable job or are lucratively employed. The housing market in Ontario is currently observing a 5.7% decrease in real-estate prices due to low demand and high interest. This is why it is the right time to buy a house in Ontario.
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Economic Power
The economy is slowly recovering from the slump a few years ago, which is why the housing market in Ontario is getting back on track. Nearly half of all workers in high-tech, financial services, and other knowledge-intensive businesses are located in Ontario, contributing about 37% of the nation’s GDP.
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Growth Potential
Currently, the population growth in the Ontario region is increasing as more people are migrating to the city in search of better lifestyles and job opportunities. Also, Canada has decided on high immigration targets for the year, which will contribute to the growth of the Ontario housing market.
Low mortgage rates, mortgage deferrals, and income support payments, among other government initiatives, contribute to a significantly stimulating market impact.
What Are the 10 Most Affordable Cities in Ontario?
There are several affordable cities to buy a house in Ontario. You can travel to these cities and look at the houses around if you intend on buying one. Continue reading below to learn more about these cities for affordable living in Ontario:
1. Ottawa
Ottawa is known for its vibrant culture. As it is the capital city of Canada, you might believe that the cost of houses in the city is high. However, owing to the city’s median income, you can easily find affordable options in the Ontario real estate market. For instance, the average price of a real estate property in Ottawa is now $635,395.
2. Windsor
Windsor is one of the most beautiful places in Ontario. It is also popular among house buyers as it is one of the most affordable cities to buy a house in Ontario. The city is quite well connected to cities like Toronto and Detroit.
The city is home to around 200,000 people, and you also have job opportunities as several tech companies have set up shop in the city. The average housing price in Windsor is $523,928.
3. London
London is another affordable city in Ontario. The city is known for its art and culture and beautiful cityscape. Areas like Forest City have the cheapest houses in Canada. The average price of a house in London stands at $350,000, which is even lower than the average income of the city’s people.
4. Sudbury
If you want to buy a house at a great rate in one of the big cities of Ontario, Sudbury is your best bet. Sudbury is a city full of natural wonders, and you will enjoy the beautiful scenery around your house if you buy one in one of the remote areas. The average price of a house in Sudbury is $449,358.
The city’s economy is also growing, making it an ideal city to buy a house and settle in. On average, a resident of Sudbury earns around $30,000 more than the money required to buy a house in the area.
5. Thunder Bay
Thunder Bay is a medium-sized city in Ontario. It is known for the plethora of activities it offers its residents, along with its art and culture. Almost every citizen in Thunder Bay can afford a house in the city. The average price of a house in Thunder Bay is around $220,000. Hence, people from different parts of the country also move to Thunder Bay, intending to settle in the city.
6. Guelph
If you are looking for a city with peace and one of the best neighbourhoods, you can look for a house in Guelph. The city offers you the hustle and bustle of a big city, balancing the same with the warmth of a closely-knit community. An average house in Guelph costs $780,955.
Also, the best part about buying a home in Guelph is that the city is only 45 minutes away from Toronto. You can easily travel between the two cities daily.
7. Ajax
Ajax is one of the most hospitable cities in Ontario. The place’s population is growing, so the demand for real estate has increased considerably. Ajax is also quite close to Toronto.
The city’s outskirts are splendid and close to some of the best and most well-known natural sanctuaries and wildlife reserves. Currently, the average price of a house in Ajax is $933,121.
8. Deep River
Deep River is a beautiful town and part of the Renfrew Country. The magnificent Ottawa River flows by the town. The average cost of living in Deep River is about 27% less than in the rest of Ontario. The average cost of buying a house in Deep River is $368.025.
9. Peterborough
Peterborough is a beautiful city located in the centre of Ontario. It falls within the Kawartha Lakes region and is called ‘the Electric City’ by the locals. The average cost of buying a house in Peterborough is around $363,310.
The cost of living in this city is $1,021, which is quite low compared to other cities in Ontario.
10. Rainy River
Rainy River is another city where you can look for residential property. However, the city is quite small, and finding properties for rent can take time and effort. However, several standalone houses are available for sale, and the average price is $334,329.
The city is quite close to Winnipeg, and it is a part of the US-Canada border. People are looking to buy a house in Rainy River as the cost of living is 37% below the average in Ontario.
Here’s the Deal
Ontario is one of the most popular states in Canada. Hence, finding a good home at an affordable price might seem like a challenge. However, when you take a step-by-step approach to selecting a city and then look for real estate properties, you might find your dream home at a great price.
All the cities listed above provide a great standard of living and are safe for you and your family. You can chalk out a budget and choose a few cities out of the ones listed above to begin your house search.
You May Also Read :
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| Follow The Process of Buying Land in Ontario | Process of Buying Land in Ontario |
| Step By Step Registering a Business in Ontario | Registering a Business in Ontario |
| Explore 10 Secret Places To Visit in Ontario | Secret Places To Visit in Ontario |
Frequently Asked Question (FAQs)
Thunder Bay is the Canadian city that has the cheapest houses in Canada. The city has gained a reputation for having affordable houses, and the housing market of Thunder Bay is quite attractive. You can easily buy a house for around CA$ 258,738 in some of the most prominent locations in the city.
In Saint John, New Brunswick, you may find the most affordable homes in Canada. With a CA$ 199,853 average property price, you're sure to discover something within your price range. If you're looking for a deal, look towards Saguenay, Quebec, where average real estate prices are only CA$206,242. Trois Rivières, Quebec, is another choice, with prices beginning at about CA$ 255,694.
Several cities in Canada are known for providing some of the most affordable houses. However, there are a few cities in Canada that have cheaper homes as compared to others.These cities are Regina, Saskatoon, Moncton, Winnipeg, etc. On average, the houses will cost you around CA$ 3,60,000 for all these locations. While these cities have cheaper homes, they are known for providing great job opportunities.
While the typical home in the US costs CA$ 3,315,303 (US 234,200), the average benchmark home in Canada costs CA$ 474,000 (US 352,076). For the typical home nationwide, that is a 50% increase in cost. Buying a home in a big city in Canada is even more expensive than buying one in a big city in the US.
The residential tax rates in Canada range from 0.29% to 2.77% based on the province where you buy a house. However, the average tax rate in the US is about 1.03% which varies from state to state. The highest tax rate is charged at 2.2% in New Jersey. Which Canadian City Has the Cheapest Houses?
Which Province in Canada Has the Lowest Cost of Living?
Where Is the Most Affordable Housing in Canada?
Are Houses Cheaper in Canada or the USA?
Are House Taxes Higher in Canada or USA?
