Can you kindly define the word “affordable” for me?

I know, right?  It’s impossible!  At least – it’s impossible in a real estate context…

We talk so much about “affordable housing” in Toronto but that’s also something quite different, as the “affordable housing” conversation usually deals with some sort of subsidized housing, rent-controlled housing, or government-sponsored living.

What is actually affordable to Torontonians or Ontarians in terms of buying and owning a home will depend greatly on average household income, prevailing interest rates, and of course – the wants and needs of those buyers.

In today’s Pick5, I want to explore the holy grail of housing: the detached home, specifically 4-bedroom detached homes.  And I want to set a price parameter, in this case, a ceiling of $800,000, while specifically looking for new homes.

Our journey today will take us well outside the 416 and into cities and towns you might not have been to, or might not have even heard of!

But would you move to Strathroy, Waterford, Cayuga, or Smithville if it meant buying a brand-new, detached, four-bedroom home?

Hope you enjoy!