Average price is $499,000
Port Colborne has been ranked one of the most affordable housing markets in the province.
According to a report from Canadian real estate company Wahi, the average price for a new home in the city is $499,000, making it the least expensive in Niagara, and 39th across Ontario.
The report, which examined 250 communities in Ontario, suggests an income of $125,000 is needed to buy the average home in Port Colborne.
"It still takes a relatively high household income to afford the average house, but compared to the rest of the province, it's a very affordable area" says Wahi CEO Benjy Katchen.
Other local communities that ranked high include Fort Erie, with a median home price of about $580,000, and Thorold, with a average price around $660,000.
Meanwhile, Niagara-on-the-Lake was ranked the region's most expensive housing market, with a median price of $1,030,000.
Katchen has some advice for prospective homebuyers.
"Work with a realtor that knows the area, knows how to look at the data, knows how to think about the things you need to do for your due diligence. Given where interest rates are at, most people need a mortgage, so make you you get pre-approved for that mortgage."
Across Ontario, Deep River was ranked the most affordable market, with an average home price of $322,250.
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