If you are looking to buy a house in Ontario, you should be well aware of how much the real estate market costs.

A new report issued by the real estate site Zoocasa looked at the cheapest cities in Ontario to buy a home this summer, and there are plenty of affordable options in Ontario’s real estate market, especially when looking outside the Greater Toronto Area (GTA).

The report reads, citing data from the Canadian Real Estate Association for May 2023, “The average home price across Ontario was $922,700,” highlighting how much the GTA real estate market influences average prices.”

Zoocasa data also indicates that even with home prices falling across Canada since 2022, the prices of homes listed for sale in major Ontario cities such as Toronto, Mississauga, Hamilton-Burlington, Guelph & District, Cambridge, and Kitchener-Waterloo all had average prices significantly higher than the national average of $754,700.

The report also said this reality has made aspiring homebuyers wonder “Where are the affordable homes in Ontario’s real estate market?”

Below are the five Ontario cities with the most affordable homes for sale this summer and the current listings available in each market.

Kingston :

The city of Kingston is among the top five, with a benchmark home price of $555,200, which is 9.7 percent (or nearly $60,000) lower than the same price last year, and on average, the mortgage payment for a home of this value would be $2,568 per month.

Bancroft :

Homes listed for sale in the Bancroft area of Ontario are among some of the affordable options this summer, with a benchmark price of $496,500. The real estate market here saw the smallest price drop of any market on this list last year, with a decrease of less than 5 percent, and the average monthly mortgage payment for a home of this value is $2,297.

Sudbury :

When looking at the three most affordable cities to buy a home in Ontario this summer, Sudbury’s benchmark price is $451,000, down 5 percent from 2022, and for a home at this price, the average monthly mortgage payment would be $2,086.

North Bay :

North Bay was selected by Zoocasa as the second most affordable city to buy a home in Ontario this summer, with a benchmark price of $409,300. Real estate prices there saw the largest decrease during the past 12 months, dropping by $46,200 or 10.1 percent, and the average monthly mortgage payment at this price would be $1,893.

Sault Ste. Marie :

Sault Ste. Marie is officially the most affordable city in Ontario to buy a home now, featuring a benchmark home price of $287,600, which is $600,000 less than the regional average. This price has dropped by 7.3 percent from 2022, and the average monthly mortgage payments for a home at this price is just $1,330, which is far less than what most of Canada pays to rent an apartment.