Looking to buy? Here is a list of Ontario’s cities by affordability
Recent data has been gathered on the home-to-income ratios of Ontario’s major cities, including median household income information from Statistics Canada and the average home prices in April 2018 from the Canadian Real Estate Association.
Recent data has been gathered on the home-to-income ratios of Ontario’s major cities, including median household income information from Statistics Canada and the average home prices in April 2018 from the Canadian Real Estate Association.
“This ratio helps determine the affordability of real estate within a region, in comparison to the median gross income earned there — it represents the number of years it would take to pay off the average home in full, if a household dedicated 100 per cent of its income to doing so,” writes Zoocasa managing editor Penelope Graham, in a statement. “According to financial experts, the ideal affordability ratio for shelter is three.”
Among the top 5 Ontario cities were:
- Thunder Bay
- Sudbury
- Windsor
- Ottawa- Gatineau
- Kingston
To see the full list and further details visit the article here.
For more information on how much home you can afford, contact your Mortgage Broker for trustworthy advice.