Uxbridge #4 for most expensive mortgages in Ontario
Published August 28, 2023 at 10:28 am
Uxbridge homeowners pay some of the highest mortgage payments in Ontario, with average expenditures in the north Durham community more than $6,900 per month.
The results come from a study performed by real estate company Zoocasa, which looked at the most expensive – and most affordable – housing markets in the province.
With an average selling price of nearly $1.48 million, mortgage payments in Uxbridge trail only nearby Whitchurch-Stouffville ($7,045), Oakville ($7,141) and King Township ($9,003). Northern Ontario cities Sault Ste. Marie ($2,013), Thunder Bay ($2,164) and North Bay ($2,395) take the top three spots for most affordable.
The contrast in high home prices and mortgage payments compared to the more affordable prices is stark. In Ontario in particular, there is a huge divide between the GTA and towns in the northern and western areas of the province.
King is the most expensive city with the average home price currently $1,927,333 – nearly $1.6 million more expensive than Sault Ste. Marie. The average monthly mortgage payment of $9,003 is nearly $7,000 higher as well. King is also nearly $400,000 higher than the next most expensive city on the list, Oakville, with a low number of sales and mainly luxury properties selling in the area contributing to the extremely high average price.
The gap is clear when comparing the least affordable of the five affordable cities and the least expensive of the most expensive cities. Windsor-Essex, which ranked fifth on the 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. That’s a difference of nearly $3,500 on the monthly mortgage payments between the two.
With Canada’s average home price of $668,249 in July, all five of the most affordable cities in Ontario ranked below that mark, so there are clearly pockets of affordability to be found across the province, despite how daunting it may seem.
You just have to go north or west to find them.
