Sudbury's home prices a bargain?
However, the daily commute to Toronto—especially in the winter—is a bitch.
Compared to the rest of Ontario, Sudbury's home prices a bargain
Sudbury Star Staff (abridged)
Publishing date: 25 July 2022
While home prices in Greater Sudbury rose dramatically in the past year, the city is still one of the cheapest places to buy in Ontario.
In fact, according to the annual housing affordability index published this week by Re/Max Canada, Sudbury is the second most affordable city in Ontario, with an average price of $403,000 in 2021.
Only Thunder Bay – at $315,000 – was cheaper among Ontario’s major cities.
Coming in third was Windsor, with an average price of roughly $542,000.
What’s more, Sudburians are – on average – paying just over 40 per cent of their monthly income on mortgages — much lower than residents in London (62 per cent), Kitchener-Waterloo (63 per cent), and Hamilton and Barrie (76 per cent).
GTA homeowners paying 100% of their income on the mortgage?
The average homeowner in the Greater Toronto Area is paying all of their monthly income on the mortgage, the report said.
Re/Max Canada also reported that so far in 2022, the average price of a home in Sudbury went from $403,000 to $498,939 – an increase of 23.85 per cent compared to last year. It is expecting the average price to remain flat for the rest of the year.
Staying in Sudbury, Remax said the average after-tax income here was $71,852.50 in 2022; the average monthly income was $5,987.71; the average down payment (based on 20 per cent of a home’s selling price, was $99,787.80; the average mortgage was $399,151.20; and the average monthly mortgage payment was $2,399.
"The average homeowner in the Greater Toronto Area is paying all of their monthly income on the mortgage, the report said."
Wow! That is incredible.
So how are they paying their property taxes, utilities and condo fees? Plus their monthly car payment, gym membership, gas, food, hair styling, Starbuck coffees and beer? I really need to know.
Are they selling their kidneys and first-born sons?
I suspect what Re/Max is stating is that these figures may be accurate for those who earn an average income and buy a home in today’s market with a 20% down payment.
I don’t think they are facturing in rental income (renting basements & rooms) and loans from the Bank of Mom & Dad.
By the way, smaller communities in northern Ontario have even lower prices. However, you must be willing and able to live in places like Timmins, Moonbeam, Blind River or Kirkland Lake.