It may be getting a bit cheaper to purchase a home in Canada's largest city, but Toronto is by no means an affordable place to reside, remaining one of the most expensive housing markets in North America.

According to RE/MAX Canada's Toronto Housing Market Outlook 2023, the average price of a home in the region will drop to $1,061,853.91 in 2023, and while this would mark a substantial decline in the cost of a residence in the 416, there are other options beyond the Greater Toronto Area that offer a whole lot more bang for your buck.

Sure, you could try and ride things out here in Toronto, though declining home prices are only one facet of the problem, as higher borrowing rates drive up mortgage costs and basic groceries are now priced like luxury commodities.

RE/MAX Canada recently commissioned a survey by Leger looking into how Canadians define housing affordability. It found that 18 per cent of Canadians define housing affordability as allocating only 30 to 40 per cent of their monthly household income toward housing costs.

Weighing this definition of affordability against the average Ontario monthly income of $5,987,71, the real estate agency locked in the three most affordable major housing markets to buy into across the province, also factoring a range of data including price, the average down payment, and mortgage costs.

Thunder Bay

You can find some great value out in T-Bay, where the average 2023 price is estimated at $338,366.25.

At that average, the typical 2023 down payment is forecast to cost $67,673.25, with an average mortgage amount of $270,693 and monthly payments of $1,674.

Using the average provincial salary mentioned above, that comes out to 26.95 per cent of the typical monthly income allocated to your mortgage.
 

Sudbury

You could be calling Nickel City home for less than half the projected 2023 Toronto average price in 2023, with homes in Sudbury expected to cost an average of $490,161.51 this year.

That relatively cheap price comes with an average down payment of $98,032 and an average mortgage of $392,128 with monthly payments of $2,426.

It seems cheap on the surface, but it would still cost the average Ontarian 39 per cent of their monthly income toward mortgage payments.
 

Windsor

Windsor may be in the shadow of the much larger Detroit, but for a not-too-cheap projected average in 2023 of one cent over $649,278, you'll at least be thankful it's upwind of the Motor City.

Purchasing a home in Detroit Jr. will come with an average down payment of $129,855 using the 2023 price forecast, along with a fairly sizeable mortgage averaging at $519,422.

That will run you a monthly cost of $3,213, which represents a staggering 51.72 per cent of the typical monthly income in Ontario.