Zoocasa has released a new report- Ontario’s most affordable housing markets – showing which of the province’s housing markets offers the best deal for home buyers. Here is short synopsis how they came to their numbers:
- Average home price (Zoocasa used information of 28 housing markets across the province) were aligned with median household income;
- Having that information found they calculated the gap between the salary required to buy an average home and actual household incomes in major Ontario cities;
- Thunder Bay came to the first place, 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);
- Three least affordable markets were found in Richmond Hill ($999,311 vs $88,353), Toronto ($785,223 vs $65,829) and Vaughan ($997,587 vs $105,351);
It is not surprise that many GTA buyers are looking for more value in the surrounding communities. If they have the flexibility to change location, they do it. And Waterloo region is one of their first choices.
Another reason why would-be buyers are moving in our direction is that Kitchener-Waterloo ranks as the best place for startups followed by Toronto and Montreal. Here are the top ten cities to launch a tech startup according to the report (made by Expert Market):