Ontario’s housing market, once reaching a peak average home price of nearly $930,000 in May, witnessed a decline to $855,990 by October, aligning with the previous year’s figures. However, this price range still remains out of reach for many, particularly in cities like Toronto.
Point2Homes.com, a real estate listing portal, conducted an analysis of the 30 largest cities in Ontario to determine the amount of living space that $400,000 can buy.
This figure represents approximately half the average home price, a sum within the financial reach of many Ontarians. The study aimed to reveal the varying degrees of property size this budget would secure across these cities.
Here are the highlights:
- The cost per square foot ranges from $302 to $1,013, impacting the buying power in different areas.
- In Toronto, Oakville, and Vaughan, $400,000 affords less than 500 square feet. A budget of $400,000 is nearly insufficient for a decent living space, often only securing a small one-bedroom condo.
- Cities surrounding Toronto, including Richmond Hill, Vaughan, Markham, and Oakville, all have benchmark home prices above $1 million. However, they offer more living space for $400,000 than in Toronto.
- In Thunder Bay, Chatham-Kent, and Greater Sudbury, the same amount can buy over 1,000 square feet. Buyers in less expensive cities like Thunder Bay can get up to three times more space than in Toronto for the same price.
- Ottawa’s average home price is around $600,000, with a price per square foot below $500, offering more space than Toronto, where the average is over $1,000 per square foot.
Ontario Cities with Most & Least Sq.Ft. for $400,000
| City | Sq.Ft for $400,000 | Price/Sq.Ft. | Benchmark Home Price | |
|---|---|---|---|---|
| 1 | Thunder Bay, ON | 1,325 | $302 | $350,500 |
| 2 | Chatham-Kent, ON | 1,081 | $370 | $431,471 |
| 3 | Greater Sudbury, ON | 1,000 | $400 | $431,400 |
| 4 | Kingston, ON | 950 | $421 | $543,000 |
| 5 | London, ON | 941 | $425 | $583,500 |
| 6 | Windsor, ON | 853 | $469 | $572,600 |
| 7 | Ottawa, ON | 815 | $491 | $607,000 |
| 8 | Hamilton, ON | 791 | $506 | $766,100 |
| 9 | Brantford, ON | 781 | $512 | $731,131 |
| 10 | Oshawa, ON | 775 | $516 | $831,900 |
| 11 | Niagara Falls, ON | 775 | $516 | $626,500 |
| 12 | Clarington, ON | 745 | $537 | $866,800 |
| 13 | Barrie, ON | 719 | $556 | $722,500 |
| 14 | Ajax, ON | 714 | $560 | $1,000,000 |
| 15 | Whitby, ON | 667 | $600 | $1,066,300 |
| 16 | Brampton, ON | 664 | $602 | $1,006,900 |
| 17 | St. Catharines, ON | 650 | $615 | $598,800 |
| 18 | Pickering, ON | 640 | $625 | $1,005,600 |
| 19 | Milton, ON | 632 | $633 | $1,008,800 |
| 20 | Guelph, ON | 624 | $641 | $748,900 |
| 21 | Kitchener, ON | 601 | $666 | $714,650 |
| 22 | Waterloo, ON | 600 | $666 | $699,250 |
| 23 | Mississauga, ON | 599 | $668 | $1,043,100 |
| 24 | Cambridge, ON | 574 | $697 | $751,100 |
| 25 | Richmond Hill, ON | 546 | $733 | $1,469,000 |
| 26 | Burlington, ON | 519 | $770 | $1,028,300 |
| 27 | Markham, ON | 516 | $775 | $1,371,300 |
| 28 | Vaughan, ON | 494 | $809 | $1,389,000 |
| 29 | Oakville, ON | 493 | $811 | $1,323,100 |
| 30 | Toronto Downtown, ON | 395 | $1,013 | $1,083,700 |
Point2Homes sourced the data for this study from various realtors’ associations, brokerages, and listing portals, calculated the space purchasable for approximately half the average home price, offering insights into the diverse housing options available across Ontario.