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Have you ever looked at some of the beautiful cities in Ontario? Without a doubt, most of the top places to live in Canada are areas of Ontario. With picturesque cities, a strong economy, and lots of cultural amenities, Ottawa and Toronto get a lot of new residents, but there are many other cities that offer more. Housing prices are priced in Canadian dollars (CAD).
Brantford
(Image Source: Moneysense.ca)
Population: 93,700
Average home price: $506,000
Average 5-year rent increase: 20%
Avg income to home price ratio: 5.9
5-year annual ROI: 4.5%
Located in southern Ontario, Brantford has rebounded in the past year to become one of the best places to live in Canada. With low housing prices, low unemployment, and lots of beautiful neighborhoods, Brantford may just be the newest area to purchase a home under $400,000, though recent estimates put the average price over $500,000. Some of the best neighborhoods in this city include Echo Place, Holmedale, Old West Brant, and The North End.
Windsor
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Population: 233,700
Average home price: $464,981
Average 5-year rent increase: 11%
Avg income to home price ratio: 5.6
5-year annual ROI: 7.1%
Across the river from Detroit, you’ll find Windsor, and while it was hit with a recession in the 1990s, Windsor has bounced back. Employment in the city has rebounded rising up by 3.8 percent in recent years. In addition, some of the lowest home prices can be found in this area. The low-end cost for a family home is $217,926, which is almost free when you compare to the costs of a home in Vancouver or Toronto. However, rising housing prices place the market closer to over $460,000 CAD for a home.
Ottawa
(Image Source: Clem Sim)
Population: 994,000
Average home price: $521,934
Average 5-year rent increase: 11%
Avg income to home price ratio: 4.9
5-year annual ROI: 1.6%
Known for its beautiful waterways and historic architecture, Ottawa is a scenic place to live, and it has affordable housing. With the low-end house price of around $390,000, Ottawa was recently named one of the hottest real estate markets. However, some economists see a rise in housing prices as more people have become interested in the area, placing the average cost of around $520,000. Since April 2017, housing prices in this area have moved slowly upward in comparison to the frenetic housing markets of other cities like Vancouver.
Check out this video to learn more about Ottawa:
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Peterborough
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Population: 84,230
Average home price: $413,393
Average 5-year rent increase: 10%
Avg income to home price ratio: 4.8
5-year annual ROI: 4.6%
Peterborough is known as one of the top places to retire in Ontario because of its old Canada charm and natural hiking spots. It’s breathtaking to live here! With scenic lakes and beautiful old homes, Peterborough has been named one of the most affordable places to live in Ontario. The high-end home price is about $450,000, but the market has remained steadily strong, though it has taken a recent dip to average out around $413,000. Peterborough was also named one of the best places in character for water tech and entrepreneurs.
Kitchener-Waterloo
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Population: 242,000
Average home price: $543,102
Average 5-year rent increase: 20%
Avg income to home price ratio: 5.5
5-year annual ROI: 4.5%
The low-end housing price in this area is just $378,000, but the housing market has fluctuated in this area considerably, building up to an average house price of over $450,000. The job market has grown in the past couple of years as more companies have moved to the area, and there are tons of things to do and see, whether you enjoy the wilderness or want to go to world-class plays and art galleries.
Orillia
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Population: 30,500
Average home price: $329,000
Average 5-year rent increase: 7%
Avg income to home price ratio: 4.4
5-year annual ROI: 4.7%
While it is a smaller city in Ontario, Orillia has one of the best locations if you want a relaxing place to live. With an average housing price of just $329,000, you can purchase a home and live in between Lake Couchiching and Lake Simcoe, two of the most beautiful waterways in the country.
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