Buying in these Ontario markets will still leave surplus cash

Buying in these Ontario markets will still leave surplus cash

Buying in these Ontario markets will still leave surplus cash

For home buyers in Toronto who feel increasingly pressured out of the market by elevated costs, there is no better destination right now than Thunder Bay, according to a new analysis of data from Ontario’s real estate boards by information portal Zoocasa.

The study noted that buyers in Thunder Bay would only need $31,067 in income (as of August) to purchase an average home priced at $227,750. The required purchase income is far below the market’s median income of $66,163, which means that an average household buying a home will still have $35,096 left over.

Ontario’s other affordability destinations right now are:

Sudbury
Average Home Price: $272,523

Required Income: $37,174

Median Income: $68,736

Surplus: $26,901

Ottawa
Average Home Price: $433,684

Required Income: $59,158

Median Income: $85,981

Surplus: $26,823

Whitby
Average Home Price: $632,395

Required Income: $86,264

Median Income: $103,809

Surplus: $17,545

Waterloo
Average Home Price: $493,358

Required Income: $67,298

Median Income: $83,045

Surplus: $15,747

Read more: Southern Ontario hosts Canada’s fastest-selling markets

On the opposite end of the spectrum, Toronto – while only the second least affordable as of August – still requires $107,111 in income to purchase a home on the average price point of $785,223. Median household earners with incomes of $65,829 will find themselves $41,282 short in their purchase.

This is despite the condo segment – dubbed by various observers as a viable affordability choice – representing approximately 56% of Toronto’s residential real estate sales volume last month.

Richmond Hill took the top spot of Ontario’s most unaffordable market in August. Median earners with incomes of $88,535 would be $47,962 short in a purchase of an average home priced at $999,311.

 

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