Canada has vast lands and many cities and provinces where the prices of apartments and houses vary, whether increasing or decreasing. If you want to buy a house in one of the cities of Ontario, there is a city that is considered the best in the whole country.

According to a new ranking, the cheapest city in Canada is located in Ontario.

Royal LePage also released the "Cheapest Canadian Cities" report, which divides 15 cities with reasonable costs in Canada based on the percentage of income required to cover a monthly mortgage payment.

Thunder Bay was ranked as the cheapest city in Canada this year, as 22.2% of the household's monthly income is needed to pay the mortgage payment each month in this city.

The total price of a home in Thunder Bay is $299,300 in 2024, and the average total household income in the province is $84,400.

The monthly mortgage payment is $1,563.25 in this city located in northern Ontario.