Ontario home prices aren't quite as high as they were at the peak of the real estate market in April 2017, but since the province's Fair Housing Plan was introduced just over a year ago, affordability remains an issue, said Toronto-based a real estate website and brokerage.
To see which cities in Ontario are the most and least affordable, Zoocasa said in an email it compiled the home-price-to-income ratios in each of the province’s major markets, using median household incomes from Statistics Canada, and average April 2018 home prices provided by the Canadian Real Estate Association (CREA).
“Using this measure, Toronto and some of its surrounding municipalities ranked at the bottom for affordability,” said the news release. “Cities that ranked high in terms of affordability showed lower ratios between median incomes and home prices and were located in the northern, southwestern and eastern parts of the province.”
The top five most and least affordable Ontario cities are:
The 5 Most Affordable Ontario Cities
1) Thunder Bay – Single Income Ratio: 6, Dual-Income Ratio: 2, Average Home Price: $217,745
2) Sudbury – Single Income Ratio: 9, Dual-Income Ratio: 3, Average Home Price: $268,696
3) Windsor – Single Income Ratio: 9, Dual-Income Ratio: 4, Average Home Price: $303,183
4) Ottawa-Gatineau – Single Income Ratio: 9, Dual-Income Ratio: 4, Average Home Price: $418,232
5) Kingston – Single Income Ratio: 10, Dual-Income Ratio: 4, Average Home Price: $366,582
The Top 5 Least Affordable Ontario Cities
1) Greater Toronto – Single Income Ratio: 20, Dual-Income Ratio: 9, Average Home Price: $804,584
2) Hamilton – Single Income Ratio: 16, Dual-Income Ratio: 6, Average Home Price: $569,490
3) Oakville – Single Income Ratio: 15, Dual-Income Ratio: 5, Average Home Price: $719,000
4) Durham – Single Income Ratio: 14, Dual-Income Ratio: 6, Average Home Price: $604,51
5) Peterborough – Single Income Ratio: 14, Dual-Income Ratio: 6, Average Home Price: $448,875
To see the full list, the original report can be viewed at zoocasa.com.
