With the increase in not only mortgage rates but also the interest rates by the Bank of Canada, finding the most affordable towns to buy property in Ontario is important. Buyers want to make sure they’re putting their money into something that makes their wallet and their family happy.
So let’s take a look at a few of the most affordable towns to buy property!
Rainy River
Rainy River is a small town in northwestern Ontario that borders Minnesota. Its ill-fated claim to fame stated that Rainy River was thought to have been the northwestern end of Yonge Street. While that history is incorrect, it did mean that for a while, Yonge Street was known as the longest street in the world, and was even in the Guinness World Records for years.
Rainy River is a small town, with a population only once exceeding 1,000 people almost 20 years ago. In 2016, the median household income was reported at $60,000, and the housing prices range from $70K to $270K based on the current real estate market blog.
Deep River
All the way across the country from Rainy River is Deep River, part of Renfrew County. Deep River is a planned community that started as part of the Manhattan Project in the 1940s. 70 years later, the Deep River’s primary industry comes from Canadian Nuclear Laboratories. With a population of 4,000, Deep River is one of the smallest towns to have a symphony orchestra.
It’s also somewhat of a mainstay in David Lynch films, being referenced in Blue Velvet, and mentioned by name in Mulholland Drive. House prices based on current homes on the market range from the high $300s to the high $500s and include bungalows and 2-story single-family homes.
Smooth Rock Falls
When the Tembec Malette pulp mill closed in December 2006, the Smooth Rock Falls economy crashed. Town leadership, however, focused on community investments, which included converting the pulp mill into a value-added cedar plant and the construction of a senior’s retirement home, a hotel, and a restaurant. Those investments combined with new construction incentives meant that the town on the verge of collapse has a healthy population of 1,200 people.
Located about an hour east of Kapuskasing, Smooth Rock Falls has a hospital and several schools, including a French school. Current homes on the market range from the mid $100s to mid $200s.
Iroquois Falls
Known as the Garden Town of the North, Iroquois Falls is located about 70 km northeast of Timmins. A safe community to live and work in, Iroquois Falls also has several schools, a hospital, and several recreational facilities. Just under 4,500 people call Iroquois Falls home, and the key industries include health care, public service, and educational service. The town boasts a highly-skilled bilingual workforce.
Current homes on the market include investment properties at under $100K, well-kept and modernized heritage homes for just over $300K, and huge parcels of land for just over $200K.
Mattawa
In Algonquin, Mattawa means “Meeting of the Waters”, and from the time Samuel de Champlain traveled through the area in the early 1600s to the 1800s, Mattawa was a link in an important canoe route from Montreal to Lake Superior. Its location near provincial parks means tourism plays an important role in Mattawa’s economy, as well as the logging industry.
There are almost 2,000 people who live in Mattawa, with 34% of those residents being Francophone. Mattawa was also home to Canada’s first Black mayor, Firmin Monestime, elected in 1963. Based on current homes on the market, prices range from the high 100s with single-family bungalows to 2-story homes at less than $500 as well as smaller plots of land for the mid-200s.
