In a climate of sky-high interest rates, few new Ontario homeowners need the reminder that monthly mortgage payments are putting a deeper dent in the bank account as of late. Naturally, high home prices in cities like Toronto and its surrounding suburbs only compound the situation. But homeowners in...
, few new Ontario homeowners need the reminder that monthly mortgage payments are putting a deeper dent in the bank account as of late.and its surrounding suburbs only compound the situation.
The price gap between the priciest and the most affordable cities was a whopping $1.6M, according to the report. It highlights how the most notable price difference can be seen in expensive cities around Toronto and the Golden Horseshoe area compared to outer areas. Subsequently, the average monthly mortgage payment in King is $9,003 – nearly $7,000 higher than Sault Ste. Marie, where homeowners pay an average monthly mortgage of $2,013.
The massive gap in affordability throughout the province is the resonating theme of the report. “Windsor-Essex, which ranked fifth on our most affordable list, has an average home price of $554,277, nearly $900,000 less than the average price of a home in Richmond Hill,” it reads. “That’s a difference of nearly $3,500 on the monthly mortgage payments between the two.”
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