Actively looking for a single-family home in Toronto, Ontario or Vancouver, British Columbia? Giving up on your search and deciding to rent? If you are still on the hunt for home-ownership and would be willing to venture outside of Toronto and Vancouver, there are still very good options for you.
The Huffington Post released an article listing the 5 best cities to live in where houses are under $400k, for those who are seeking an alternative to the $1 million + priced single-family homes in Toronto and Vancouver. If you're willing to venture out of these two cities, these 5 options may be for you.
The Huffington Post has taken into effect the Bank of Montreal's labour market report, along with house prices from the Canadian Real Estate Association to generate the 5 best cities to look for a home under $400,000. The mortgage rates were based on a five-year fixed rate at 3% interest, with an amortization of 25 years and calculated on the city's average house price.
#5. Halifax, NS
The average house price in Halifax sits at $274,142 (December 2016) making it one of the most affordable markets in Canada today. With an average household income of around $85,000, you'd be happy to know that the average mortgage payment is around $1,000.
#4. Montreal, QC
Montreal is full of opportunities for employment. With the number of available jobs increasing, it is becoming an attractive city. Even more enticing is the house prices. In January 2017, the average cost for a home sat at $351,255. With an average household income of $75,000 and an average mortgage payment of $1,330.
#3. Ottawa, ON
Getting closer to the higher end of the $400k range, Ottawa ranks third. Their housing market places the average home price at $394,001. Average household income is around $102,020 and the average mortgage payment is at $1,492.
#2. Windsor, ON
Windsor may not have the best reputation if you speak to your friends and family, but it is improving. Their employment has jumped by 3.8% over the pat year, and they possess the lowest home prices for mid-sized cities within Canada. These prices average $217,926 (December 2016), significantly less than Toronto and Vancouver.
#1. Brantford, ON
Brantford is not very far from the GTA compared to the rest of the cities on the list, and if you would like to still have relatively easy access to Toronto, this may be the place for you. The average home price in January was $386,716 however, the market seems to be increasing at a fast rate. Brantford's average income was at $73,082 in 2010 and the average mortgage payment is around $1,464.
As there seems to be no stopping to the outrageous real estate market in Toronto and Vancouver, venturing outside of the city centre has become very popular for most people who are willing to make the move.
To read more about what has been happening with the Canadian real estate market in 2017 thus far, please take a moment to read our previous blog posts, Home Prices Continue To Rise In 2017 and The Canadian Real Estate Market Amid A Trump Takeover.
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