As million dollar homes prices many out of the biggest cities, there are alternatives
The cost of living has pushed many household budgets to the limit and decimated the disposable income that may have been destined for homebuying.
But despite some high prices that require enough of a down payment to buy a million dollar home in the hottest housing markets, such as Toronto and Vancouver, there are alternative options for affordable living.
A new analysis from real estate marketplace Zolo has revealed the most affordable cities in Canada that still offer safe living, job opportunities, and more, dominated by medium-sized cities providing homebuyers with amenities, employment opportunities, and homes they can afford
Top of the stack are four Ontario markets that offer affordability for those priced out of Toronto and Mississauga, led by Ottawa where the benchmark home price in April 2024 was $643,700 while the average household income is $126,700. Next comes the Simcoe region ($563,500) the Guelph region ($821,200), and the Barrie region ($809,400).
For those seeking affordable living options elsewhere, Saskatoon makes the list in the fifth spot with a benchmark home price of $398,600, while Edmonton is in sixth position at $390,200. Nova Scotia’s Halifax-Dartmouth is seventh at $547,400, eighth is Ontario’s Tillsonburg region at $595,800, Winnipeg is ninth at $358,800, and Kitchener-Waterloo completes the top 10 at $745,000.
Meanwhile, way down the list are Toronto and Vancouver where the benchmark home prices ($1,205,800 and $1,128,100, respectively) put them in 24th and 32nd spots.
Remember, the rankings are not based on home prices alone but also include other elements that make a city more or less liveable such as crime rates and average incomes.
The report also looks at the best options based on different life stages. For example, Fredericton and Saint John rank highly for retirees and families, thanks to above-average access to primary care providers and affordable home prices. Saint John’s average home price in April 2024 was $301,100 and takes pole position for retirees, while Fredericton’s home price is similar but other factors only rank it ninth for retirees.
