Toronto is often considered to be the least affordable housing market in Ontario but that’s not the case says Zoocasa.
The real estate website’s analysis shows that a median income earner ($65,859) in Toronto would be $41,282 short of what’s needed to buy the average-priced home ($785,223).
But despite a higher median income ($88,535), buying in Richmond Hill would require an extra $47,962 due to the average house price of $999,311.
That’s because 52% of Richmond Hill’s home sales are single-family detached properties compared to the varied mix of properties selling in Toronto.
The figures assume a 20% down payment and a 30-year mortgage rate of 3.14%.
The top 5 least affordable markets in Ontario are completed by Vaughan, Markham, and Oakville.
Ontario’s most affordable
For the most affordable options in the province, Thunder Bay leads with an average home price of $227,750. That would mean a median income earner ($66,163) would have more than twice the required income needed.
Sudbury, Ottawa, Whitby, and Waterloo complete the top 5.