New poll reveals the most affordable urban markets in Canada
Two of Canada’s most affordable urban markets for first-time homeowners are in the powerhouse region of Ontario, according to a new poll by real estate platform Edmonton Homes.
Defying the price trends set by overheated Toronto, Ottawa ranked ninth in the poll, with a median annual income of $121,790 comprising 19.88% of the average home price of $612,661. The city’s average property tax amounted to 4.39% of median income.
London came in close behind at rank 10, with a median annual income of $94,070 amounting to 16.07% of the market’s average home price. Average property taxes account for 7.18% of median salary.
On the whole, housing outside the red-hot hubs of demand and sales activity remains mostly within reach of many Canadians, the poll noted.
“Real estate in Canada has been a hot topic in recent years due to its rapid growth and high demand,” Edmonton Homes said. “The country’s real estate market is considered one of the most stable in the world, with a diverse range of options for investors and homebuyers alike.”
The most affordable Canadian city for those looking to get into homeownership for the first time was St. John’s, with a median salary of $104,630 comprising 37.31% of the market’s average home price. Average property taxes represent a mere 3.49% of median income.