In North Bay, where the average home price is around $389,400, a $400,000 budget secures a generous 1,099 sq. ft. of living space, providing significantly more room than in pricier cities like Toronto, Oakville, and Vaughan.
There, the same budget brings less than 500 sq. ft. With a price per square foot of $364, North Bay offers more space for $400k than 28 other large cities in the province according to Point2, an international real estate search portal,
Moreover, North Bay boasts more than double the living space compared to Toronto, where prices exceed $1,000 per square foot.
There are only three other cities within Ontario where a $400k budget translates to more than 1,000 sq. ft. of living space: Greater Sudbury, Thunder Bay, and Chatham-Kent, all offering generous amounts of space for this amount.
Point2's $400K Challenge: Space Hunt provides analysis on how much living space $400,000 buys in Ontario's 30 largest cities.
Such disparities highlight the varying affordability of living spaces across the province.
Every square foot comes at a premium, and the hunt for affordable breathing room grows more challenging by the day for today’s homebuyers.
·Ontario's 30 largest cities have prices per square foot ranging from $302 to $1,013. This means $400k, which is roughly half the province's average home price and a more down-to-earth budget, would go a long way in some cities, while barely moving the needle in other major urban hubs;
·In the province’s most expensive cities, this amount hardly covers the space of a one-bedroom condo.
·Ottawa, with a price per square foot below $500, boasts double the living space compared to Toronto,
You can access the full dataset and eye-catching visuals here.
