Last Updated On 15 June 2024, 7:11 PM EDT (Toronto Time)
Zolo has released a new list of the most affordable cities in Ontario to buy a home in 2024 at the beginning of June.
With an average home price of $572,388, Nepean is the most affordable large city in the Ottawa region, with Kanata and Ottawa itself coming in second and third.
Timmins had the most affordable average home price among the 97 cities analyzed in this study in March 2024, coming in at $320,893.
Many small cities and towns, such as Carleton Place, Tillsonburg, Arnprior, Rockland, Paris, and Ingersoll, offer affordable housing prices within commuting distance of a large city.
These areas are known for their affordability and accessibility.
Top 10 Ontario’s most affordable cities 2024
| City | Average Home Price | Average Household Income | Home Price-to-Income Ratio | Unemployment Rate |
|---|---|---|---|---|
| Nepean (large) | $572,388 | $137,000 | 6.69 | 4.9% |
| Carleton Place (small) | $555,174 | $100,700 | 7.93 | 5.1% |
| Kanata (large) | $810,021 | $146,600 | 8.66 | 4.9% |
| Tillsonburg (small) | $588,172 | $87,600 | 9.60 | 3.8% |
| Arnprior (small) | $482,732 | $92,300 | 7.38 | 5.1% |
| Rockland (small) | $638,713 | $111,600 | 8.52 | 4.9% |
| Paris (small) | $694,185 | $112,900 | 9.36 | 3.8% |
| Ottawa (large) | $688,572 | $115,300 | 8.61 | 4.9% |
| Ingersoll (small) | $561,815 | $99,900 | 8.32 | 3.8% |
| Thunder Bay (medium) | $365,000 | $87,700 | 5.80 | 4.3% |
According to the Canadian Real Estate Association, April witnessed an increase in new inventory; however, the average home price has declined by 0.9% since April 2023.
However, more expensive cities like Toronto, King, and Oakville frequently overshadow more affordable cities.
Surprisingly, Thunder Bay recently ranked number 1 on the list of the most affordable places to live in Canada released by Royal LePage at the end of May.
Click here to view the the top 10 most affordable places to live to Canada.
Basis of Selecting These Most Affordable Cities in Ontario
In this study, Zolo classified cities into three categories according to their population size: small (<30,000), medium (30,000–100,000), and large (more than 100,000).
This new list of the most affordable cities for housing in Ontario is determined based on the affordability score, keeping in consideration:
- Home-to-price ratio based on the average salary in the city compared to the average price of a single-family house.
- Unemployment rate in April 2024 and population rate as per Statistics Canada Census between 2016 and 2021.
Which Ontarian city has the cheapest home prices?
Timmins had the lowest average housing price in March 2024, at $320,893.
What are the top 3 most affordable large cities to buy a house in Ontario?
Nepean, Kanata, and Ottawa are the top 3 most affordable large cities to buy a house in Ontario.
What are the top 3 most affordable medium-sized cities to buy a house in Ontario?
Thunder Bay, Woodstock, and Stratford are the top 3 most affordable medium-sized cities to buy a home in Ontario.
What are the top 3 most affordable small cities to buy a house in Ontario?
Carleton Place, Tillsonburg, and Ingersoll are the top 3 most affordable small cities to buy a house in Ontario.
Which place in Ontario has the lowest cost of living?
LaSalle has a low home price-to-income ratio based on the average two-person household income of $144,600 and the average home price of $468,291.
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