Cheapest Cities to Live in Ontario
With house prices on a constant rise, there’s never been a better time to look at alternative cities to live in Ontario. While searching for the cheapest houses in Ontario, you’ll be surprised to find out that the cheapest place to live in Ontario is a medium-sized city and not a remote village in the northern parts of the province. In this article, we’ll give our top 5 of the best Ontario neighbourhoods taking into account house affordability, rent affordability as well as job growth. We’ll also share our top 5 Toronto neighbourhoods using the same criteria.
- With more work-from-home opportunities, buyers are looking at homes all across Ontario not just around Toronto.
- With many cheap homes in Ontario far below the national average, small and medium-sized cities attract new homeowners and renters thanks to their strong economy and plenty of job opportunities
- Even within the Greater Toronto Area, there are some neighborhoods that rank well in terms of housing affordability and rental affordability.
5 Best Ontario Neighborhoods for Housing Affordability, Rent Affordability and Job Growth
When looking for affordable housing in Ontario, we looked at housing and rental prices as well as the cost of living and job opportunities in the province.
A heaven for nature lovers, Sarnia is located in the southwestern part of Ontario on the shores of Lake Huron and very close to the US border. It has a strong theatre and music scene and a nice selection of restaurants along Michigan Avenue. The good housing affordability of Sarnia makes it the perfect place to raise a family in this city boasting over 100 parks.
Average home price: $375,943
Cost of living is 20% lower than the Ontario average
Average Monthly Cost of a 1-Bedroom flat n the City: $1,084
2. Thunder Bay
The ideal place for first-time buyers, Thunder Bay is a modern city located in the Northwestern part of Ontario on the shores of Lake Superior. This is a great city to enjoy the outdoors, the lake and the many recreational trails in the area. It’s bordered by 2 historical cities: Fort William and Port Arthur. Buying a home in Thunder Bay is much more affordable compared to most cities of similar size in Ontario and the city has the cheapest rent in Ontario.
Average home price: $249,911
Cost of living is 32% lower than the Ontario average
Average Monthly Cost of a 1-Bedroom flat in the City: $1,010
Also known as Great Sudbury since its amalgamation in 2001, this city offers many cheap home options for its residents. Located about 400 km North of Toronto, Sudbury is a great option for outdoor lovers and those looking for a mid-sized town with a vibrant workforce.
Average home price: $288,410
Cost of living is 20% lower than the Ontario average
Average Monthly Cost of a 1-Bedroom flat in the City: $1,043
On our top 5 cheap places to live in Ontario is the city of Windsor, located in the southern part of Ontario. Located just a short drive from Detroit, it has good job opportunities and vibrant communities of artists, retirees and start-up owners, due to its affordable start-up costs. Although still one of the cheapest places in Ontario, the housing market is becoming more and more competitive so make sure to check out this area before the house prices rise too much.
Average home price: $324,902
Cost of living is 22% lower than the Ontario average
Average Monthly Cost of a 1-Bedroom flat in the City: $1,413
The ideal place for families looking for excellent education opportunities for their children, London is home to some of the most renowned universities and secondary schools in Ontario. The largest of our top 5, London is known as the “Forest City” for its woodlands and numerous parks. Although the cost of living is only 17% lower than the Ontario average, London is still one of the most affordable cities in Ontario.
Average home price: $481,013
Cost of living is 17% lower than the Ontario average
Average Monthly Cost of a 1-Bedroom flat in the City: $1,478
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5 Best Toronto Neighborhoods for Housing Affordability, Rent Affordability and Job Growth
Even though experts think the housing bubble in Toronto is about to burst, cheap housing options in the city are still possible. It may not be the cheapest real estate in Ontario but Toronto can offer neighborhoods with good housing affordability and job growth.
1. East Danforth
East Danforth is a vibrant and diverse neighbourhood in Toronto. Located near the junction of two major highways, East Danforth offers easy access to downtown Toronto and other parts of the city. It is a great place for families, with plenty of schools, parks, and amenities. You can also find a wide range of restaurants, cafes, and small businesses, as well as an active art and music scene. It’s sometimes called Greektown.
Average home price: $755,269
Cost of living is 6% lower than the Toronto average
Average Monthly Cost of a 1-Bedroom flat in this Toronto neighborhood: $1,850
2. Keelesdale–Eglinton West
Keelesdale–Eglinton West is a diverse and welcoming community in the west end of Toronto. You’ll find plenty of Caribbean, Portuguese and Italian restaurants, cafes, and bars along Eglinton Avenue West and Keele Street. The neighborhood is also home to several parks and green spaces, making it a great spot to relax and enjoy the outdoors. With its convenient location and rich cultural atmosphere, Keelesdale–Eglinton West is a great place to call home.
Average home price: $688,434
Cost of living is 10% lower than the Toronto average
Average Monthly Cost of a 1-Bedroom flat in this Toronto neighborhood: $2,178
A great neighborhood for young professionals and first-time buyers, Harwood is a trendy neighborhood located in the east end of Toronto, Ontario. Located next to Toronto’s “Coolest” neighborhood, The Junction, Harwoord has a mix of low- and high-density residential properties that are more affordable than its neighbor and plenty of green space, and a range of dining, shopping, and entertainment options.
Average home price: $772,752
Cost of living is 7% lower than the Toronto average
Average Monthly Cost of a 1-Bedroom flat in this Toronto neighborhood: $2,013
4. Bayview Woods – Steeles
Bayview Woods – Steeles is a family-friendly community located in the north end of Toronto. This area is known for its lower price homes, numerous parks and recreation facilities, and convenient access to transit. The community is very safe and welcoming, making it an ideal place to raise a family.
Average home price: $1,372,201
Cost of living is 15% lower than the Toronto average
Average Monthly Cost of a 1-Bedroom flat in this Toronto neighborhood: $2,375
5. Downtown Toronto
Some parts of Downtown Toronto are more affordable than others. This is the case in Old Town for example, where the average home price is significantly lower than in the rest of the city. The further away from the subway the cheaper it will get, also check the eastern and western parts of the Old Town to find cheaper rent.
Average home price: $735,461
Cost of living is 8% lower than the Toronto average
Average Monthly Cost of a 1-Bedroom flat in this Toronto neighborhood: $2,450
In conclusion, there are many great cities in Ontario that offer low-cost living. Whether you are looking for a bustling city filled with culture and entertainment or a more rural area with plenty of nature and outdoor activities, Ontario has a wide variety of cities to choose from. With careful research and planning, it’s possible to find the perfect place to live that fits your budget and lifestyle. Whenever you’re ready, contact us at nesto and speak to one of our mortgage advisors to secure your rate today.
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