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This is the area of ​​Ontario to move to if you want cheaper real estate prices

This is the area of ​​Ontario to move to if you want cheaper real estate prices
This is the area of ​​Ontario to move to if you want cheaper real estate prices

Because Toronto is considered one of the most “affordable” places in the world to settle, some residents have set their sights on a new place, moving to another part of the province or country to have a better quality of life within the same budget.

If you, like many others, have given up on owning a home in the overpriced GTA but would consider moving within Ontario, there’s another region just a few hours’ drive away that has several, much cheaper municipalities. be found.

Cities in the Ottawa area are currently among the most favorable cities in the province for real estate. The country’s capital also ranks in a new top 10 of cities with the most cost-effective places to buy a home, considering average prices, income levels and other factors.

The ranking, which comes from Canadian real estate site Zolo, looked at the above figures for nearly 100 small to large cities across the province, while also taking into account the overall success of each region’s economy, population growth and unemployment rate.

Topping the index is Nepean, a former township now part of Ottawa. Its median home price in March 2024 was just $572,388, and its median household income was $137,000 (in Toronto, the median home price is around $1.2 million, meaning an annual income of $215,920 is needed to get by).

Next up is Cartleton Place, classified as a small town about 40 minutes from Ottawa. Here, the average house or apartment costs an even lower $555,174, while the household income of residents falls around $100,700.

According to Zolo, half of the ten most affordable small to large cities in Ontario to buy a home are near Ottawa.

Rounding out the top five for affordability were Kanata (with a median home price of $810,021 and a median income of $146,600), Tilsonburg ($588,172 and $87,600) and Arnprior ($482,732 and $92,300), two of which are near Ottawa.

All of the entries on the list have much lower unemployment rates than Toronto’s current rate of 7.8 percent — one of the highest in the country — ranging from 3.8 to 5.1 percent. According to this data, a total of five of the most affordable cities in the province are in the Ottawa region.