Calgary is one of the most expensive cities for singles to buy real estate in
A new report from Zoocasa says Calgary is one of the most expensive cities to buy real estate on a single income in Canada.
The report looked at which Canadian cities are the most affordable for single buyers. It also looked at which property types would be the best option.
For Calgary, you’ll need to make $78,750 annually to afford the average home. That is almost $20,000 more than the average income in the city.
If you have been following the Calgary Real Estate market, you know that doesn’t necessarily mean you are getting a detached home either.
The report lists detached homes, townhouses, and condos/apartments as the different categories of real estate you can purchase. Only a condo/apartment is deemed affordable on a single income with the average condo price sitting at $286,200.
Detached homes are virtually unaffordable for single buyers in Canada, except in one place.
“The only city where the average cost of a detached home was affordable for a single-income buyer earning the median income was Saint John, where the average income of $48,000 could afford the average detached home at $261,000,” said Zoocasa. Overall, apartments were the most affordable, followed by townhouses.
Here’s what Zoocasa found about buying on a single income in Canada’s cities:
Zoocasa
The top five most affordable cities are as follows:
1. Regina, Saskatchewan
Average home price: $311,500
Income required: $48,450
2. Saint John, New Brunswick
Average home price: $261,300
Income required: $40,613
3. Edmonton, Alberta
Average home price: $366,600
Income required: $57,000
4. St. John’s, Newfoundland
Average home price: $316,800
Income required: $49,275
5. Winnipeg, Manitoba
Average home price: $323,400
Income required: $50,288
According to Zoocasa, BC and Ontario “may be out of reach for the average single-income buyer,” a surprise to no one.
Vancouver is the most expensive city for single buyers:
- Average home price: $1,114,300
- Income required: $173,250
Also extremely unaffordable? Victoria, BC.
- Average home price: $872,700
- Income required: $135,675
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