Canada Housing Market

Buying or renting a home is a major investment and financial decision. When it comes to the province of Ontario, finding an affordable city to live in can be challenging due to the high cost of living in many areas. However, there are some cities in Ontario where the cost of buying or renting a home is more reasonable than others.

To help you find the most affordable city in Ontario for buying or renting a home, we’ve compiled a list based on data from the Canadian Real Estate Association (CREA) and the Canada Mortgage and Housing Corporation (CMHC).

1. Windsor

Located in southwestern Ontario, Windsor is known for its low cost of living and affordable real estate market. According to the CREA, the average home price in Windsor in February 2022 was $439,804, which is significantly lower than other major cities in Ontario. In terms of renting, the average monthly rent for a one-bedroom apartment is around $1,086, according to the CMHC.

2. Thunder Bay

Thunder Bay is a city located in northwestern Ontario with a relatively low cost of living. According to the CREA, the average home price in Thunder Bay in February 2022 was $282,641. In terms of renting, the average monthly rent for a one-bedroom apartment is around $853, according to the CMHC.

3. Sudbury

Sudbury is a city located in northern Ontario with a diverse economy and affordable real estate market. According to the CREA, the average home price in Sudbury in February 2022 was $337,237. In terms of renting, the average monthly rent for a one-bedroom apartment is around $954, according to the CMHC.

4. Cornwall

Located in eastern Ontario, Cornwall is known for its low cost of living and affordable real estate market. According to the CREA, the average home price in Cornwall in February 2022 was $297,900. In terms of renting, the average monthly rent for a one-bedroom apartment is around $1,002, according to the CMHC.

5. Timmins

Timmins is a city located in northeastern Ontario with a relatively low cost of living and affordable real estate market. According to the CREA, the average home price in Timmins in February 2022 was $225,126. In terms of renting, the average monthly rent for a one-bedroom apartment is around $779, according to the CMHC.

In conclusion, there are several cities in Ontario where the cost of buying or renting a home is more affordable than other major cities in the province. Windsor, Thunder Bay, Sudbury, Cornwall, and Timmins are all excellent options for those looking for affordable housing. It’s always a good idea to consult with a real estate agent or financial advisor to help make the best decision for your personal financial situation.