{"id":185334,"date":"2018-09-26T15:07:02","date_gmt":"2018-09-26T19:07:02","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=185334"},"modified":"2018-09-26T15:07:02","modified_gmt":"2018-09-26T19:07:02","slug":"priced-toronto-ontarios-affordable-housing-markets","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/archives\/priced-toronto-ontarios-affordable-housing-markets","title":{"rendered":"Priced out of Toronto? Here are Ontario’s most affordable housing markets"},"content":{"rendered":"

<\/h4>

Toronto has a well-established reputation for its pricey housing market, and for good reason. With a median household income of just $65,829 and an average home price of $785,223, many homeowners are considering making the move to a more affordable Ontario city. <\/p>\n

With this in mind, Zoocasa has released a new report examining which of the province\u2019s housing markets offers the best deal for would-be buyers.<\/p>\n

\u201cTo determine which markets are most aligned with incomes, Zoocasa calculated the required income to purchase the average home in 28 major markets across the province,\u201d reads the report. \u201cThis amount was then compared to the actual median household income in each region, to determine whether local home buyers face an income gap or surplus when attempting to enter the market.\u201d<\/p>\n\n

Coming in first place is Thunder Bay, with an average home price of $227,750 and an average median income of $66,163. Closing out the top five were Sudbury ($272,523 vs $68,736), Ottawa ($433,684 vs $85,891), Whitby ($632,395 vs $103,809) and Waterloo ($493,358 vs $83,045).<\/p>\n

\u201cThere were a few common trends that we found among the most affordable markets,\u201d Zoocasa managing editor Penelope Graham tells Livabl. \u201cThe first was that each boasted an average home price beneath $500,000, well in line with median incomes and the realm of housing affordability.\u201d <\/p>\n

Graham says that both Thunder Bay and Sudbury offer high median incomes and lower housing prices, while Ottawa\u2019s market is supported by a strong government-based job market.<\/p>\n

\u201cPerhaps the biggest standout was Whitby, which placed fourth due to a much larger median income,\u201d she shares. \u201cHalf of residents earn $103,809 or more, which easily support the average housing price of $632,295 in that region.\u201d<\/p>\n

Graham says keeping in mind both average income and average home price is key when considering moving outside the pricey Toronto market. <\/p>\n

\u201cGiven Toronto’s steep average home price and relatively lower median income, buyers looking for more value can find it in surrounding communities, if they have the flexibility to choose their location,\u201d she says. \u201cKnowing which markets best align with their incomes can go a long way in helping them make more informed real estate choices.\u201d<\/p>\n

Check out Zoocasa\u2019s infographic below for a closer look at Ontario\u2019s most affordable housing markets.<\/p>\n

\"\"<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Toronto has a well-established reputation for its pricey housing market, and for good reason. With a median household income of just $65,829 and an average home price of $785,223, many homeowners are considering making the move to a more affordable Ontario city. <\/p>\n","protected":false},"author":31,"featured_media":185335,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2018-09-26T19:07:10Z","apple_news_api_id":"8bc7723a-05cc-4943-acf6-b64ece1ff7b7","apple_news_api_modified_at":"2018-09-26T19:07:12Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/Ai8dyOgXMSUOs9rZOzh_3tw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/u48r14.digitalhub.com\/sections\/09b86915-7d2b-3acd-915b-b215002d01b7"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[9678],"apple_news_notices":[],"yoast_head":"\nPriced out of Toronto? 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