27 September 2018

Thunder Bay took the leading position with an average real estate price of $227,750 and an average median income of $66,163. Among top 5 cities the following were also named: 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).

“We’ve noticed a few common tendencies among the most affordable markets,” – said Zoocasa managing editor Penelope Graham. “The first was an average home price below $500,000, which is well in line with the average incomes and the housing affordability limits.”

According to Graham, Thunder Bay and Sudbury reported high median incomes and lower home prices, while Ottawa’s market is strongly supported by a government-based job market.

“The largest standout in the list was Whitby, which took the fourth place due to a much larger median income,” – she noted. “Here, half of residents earn at least $103,809, so the average housing price reaches $632,295.”

Graham recommends to focus on both average income and average home price when thinking about leaving the expensive Toronto market.

“With Toronto’s significant home prices growth and relatively lower average income, buyers who want to reduce their expenses can find great options in surrounding areas, in case they have a possibility to choose the location”, – she says. “If you know which cities best align with your income, you’ll be able to make a more reasonable and informed choice”.