Last Updated On 15 June 2024, 7:14 PM EDT (Toronto Time)
New list of most affordable cities in Ontario for 2023 has been released by Zolo in the end of May.
Zolo, Canada’s leading online real estate marketplace conducted a study by analyzed over 180 cities in Ontario.
This new list of most affordable cities in Ontario is based on below listed factors:
- Home-to-price ratio: Calculated by analyzing average salary and comparing it to the average price of a single-family house in a city.
- Unemployment rate in April 2023.
- Population growth as per Statistics Canada Census between 2016 and 2021.
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Top 10 most affordable cities in Ontario for 2023
Top 10 most affordable large cities in Ontario for 2023
For the purpose of this study, Zolo categorized cities into three categories based on population size: Small (30,000), Medium (30,000-100,000), and Large (More than 100,000).
So we (INC News) refined the list for our readers by taking out only top 10 most affordable large cities as listed below:
| Rank | City | Size | Home Price | Household Income | Price-to-Income Ratio |
| 1 | Nepean | 132,769 | $701,987 | $137,000 | 5.12 |
| 2 | Ottawa | 1,017,449 | $661,716 | $115,300 | 5.74 |
| 3 | Kanata | 137,118 | $748,934 | $146,600 | 5.11 |
| 4 | Kingston | 127,943 | $643,761 | $96,100 | 6.7 |
| 5 | London | 423,369 | $648,130 | $96,000 | 6.75 |
| 6 | Clarington | 101,427 | $837,065 | $128,800 | 6.5 |
| 7 | Cornwall | 306,519 | $494,214 | $99,100 | 4.99 |
| 8 | Oshawa | 335,949 | $776,154 | $118,700 | 6.54 |
| 9 | Barrie | 154,676 | $755,532 | $111,600 | 6.77 |
| 10 | Kitchener | 522,888 | $760,325 | $109,600 | 6.94 |
Top 10 least affordable large cities in Ontario for 2023
| Rank | City | Population | Home Price | Household Income | Price-to-Income Ratio |
|---|---|---|---|---|---|
| 1 | Etobicoke | 118,483 | $1,701,000 | $146,600 | 11.6 |
| 2 | Markham | 338,506 | $1,234,021 | $130,800 | 9.43 |
| 3 | Richmond Hill | 202,022 | $1,336,763 | $134,000 | 9.98 |
| 4 | York | 1,173,334 | $1,950,000 | $140,400 | 13.89 |
| 5 | Stoney Creek | 112,028 | $1,492,000 | $94,500 | 15.79 |
| 6 | Vaughan | 323,103 | $1,334,406 | $153,000 | 8.72 |
| 7 | Ancaster-Dundas | 117,565 | $3,175,000 | $145,200 | 21.87 |
| 8 | Toronto | 5,647,656 | $1,067,275 | $127,900 | 8.34 |
| 9 | Mississauga | 717,961 | $1,036,304 | $135,800 | 7.63 |
| 10 | Brampton | 656,480 | $1,038,271 | $124,500 | 8.34 |
What are the most affordable cities in Ontario to buy a house?
Nepean, Ottawa, Kanata, Kingston, and London are among the top 5 most affordable cities in Ontario to buy a house in 2023 based on recent report by Zolo.
What are the least affordable cities in Ontario to buy a house?
Etobicoke, Markham, Richmond Hill, York, and Stoney Creek are the least affordable cities in Ontario to buy a house in 2023 based on recent report by Zolo.
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