Estimated Reading Time: 3 Minutes
I took to the blog in March to start a new series letting everyone know why living in Niagara beats living in Toronto. I’ve shared some facts about the (superior) quality of life here, but when it comes down to it there’s no better reason than the economic advantage of buying a home in Niagara.
Toronto, where an average income can no longer buy you a home
We all have our ideal homes, with a specific list of wants and needs; however, the closer you live to Toronto, the more compromises you’ll have to make when it comes to buying a home. The City of Toronto is one of the most expensive cities in the world and Toronto’s Real Estate Board has recently announced that the average price of a detached home in Toronto has risen to $1 million and semi-detached homes were now averaging just above $700,000- that’s over double what an average home in Niagara is worth! In order to afford that average Toronto home, your income will need to be approximately $126,530. According to Stats Canada, the median income in Toronto, as of 2012, was $71,210. City living has become incredibly expensive and the median income can not afford the median home. By the time you’ve paid your bills, you probably have a small amount of money for your family to use.
Niagara, where you can find your ideal home
Whether you want your income to stretch a little further to buy a larger family home or you want to buy a sprawling piece of property, Niagara’s average home price is a much more attractive option. Rather than an average listing price of $630,858, you’ll be seeing an average of $274,483 (with an average as low as $235,485 for a St. Catharines’ home). The required income to buy an average home in Niagara? $60,990! For the price of an older home in need of serious renovations in Toronto, you can buy a beautiful home that suits your needs only an hour away in any one of Niagara’s municipalities.
An average home in Niagara vs. the average home in Toronto
I could go on all day about the economic advantage of living in Niagara, but I think the best way is to show you. Let’s take a look at an average home for sale in Toronto vs. an average home for sale in Niagara and let the properties speak for themselves.
This 2+1 bedroom, 2 bathroom bungalow property is listed at $629,000 in the neighbourhood of Beechborough-Greenbrook, which is quite a ways north of downtown Toronto proper. And it is desperate need of a major appliance upgrade! The property has a total land size of 50×108.97 feet.
This 3 bedroom, 1 bathroom property is listed at $250,000, has a view of Lake Ontario and is located within the highly desirable neighbourhood of Port Dalhousie. The property has a total land size of 35.30×163.15 feet. That’s a $379,000 difference from a smaller home in Toronto!
Something worth noting on this property is that it is located in Port Dalhousie, which consistently sees higher price points on homes. That means if this were somewhere else in Niagara, you’d likely see it listed closer to the $236,000 Niagara real estate average.
Still not convinced?
Have a look at what $630,000 can buy you in Niagara.
This 6 bedroom, 5 bathroom property is listed at $629,900. The beautiful home features a sprawling property- makes you start rethinking the value of your dollar in Toronto doesn’t it?