Edmonton is one of the cheapest places to buy a home on a single income
Independent and looking to buy a home? You’re in luck because we live in one of the country’s most affordable cities.
A new Zoocasa 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.
Spoiler alert: 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
Edmonton is the most affordable Alberta city on the list. In Calgary, where the average home price is $506,400, people need to earn well above the median income of $59,600 to own a home.