THUNDER BAY — A new survey shows Thunder Bay has the most affordable housing among 28 markets in Ontario.
According to Zoocasa, the average price of a house in the city in August was just under $228,000.
The next most affordable market was Sudbury, where the average home price in the same month was about $273,000.
Ontario's most unaffordable housing market is Richmond Hill, with an average selling price just shy of $1,000,000.
Zoocasa determined affordability by calculating the minimum household income required to buy an average home in each market.
The estimate assumed a down payment of 20 per cent, a mortgage rate of 3.14 per cent and a 30-year amortization.
In the case of Thunder Bay, it said, the required income is a bit over $31,000, whereas buyers in Richmond Hill need an income of $136,000.
