Regina takes the top spot amongst Canadian cities for the greatest affordability for singles seeking home ownership — specifically, the challenge of owning a home with just one median income.
A new analysis — based on regional real estate board and Statistics Canada data — released today by Canadian real estate website Zoocasa found that singles in Saskatchewan’s capital buying an average priced home of $284,424, with a median income of $58,823, would enjoy an income surplus of $20,025. A minimum income of $38,798 is required to buy a home in this city.
Edmonton also fairs well, where earning $64,036 would net a $17,826 surplus on the average home price of $338,760.
But, of Canada’s four largest urban regions, only Calgary singles have a median income that is more than the income required to buy an average priced home of $449,420. The median income in this city is $66,803 for all age groups and $64,130 for millennials ages 25 to 34, and with $61,305 as the income required for a home, this nets an income surplus of $5,498 and $2,825, respectively.
Unsurprisingly, Vancouver is the worst place for a median single income earner to buy a home. The average home price is currently $1.02 million and the income required for an average home is $139,082. Home ownership is unattainable for median income singles in all age groups; for instance, median incomes for ages 25 to 34 is $46,308, ages 35 to 44 is $55,566, and across the age board is $50,721.
Next up in the red is Toronto, ranking as Canada’s second worst place for these buyers, fairing slightly better than Vancouver. The median income is $51,288 for ages 25 to 34, $61,488 for ages 35 to 44, and $55,221 for all age groups, but the average home price is $748,328 and the minimum income required for an average home is $102,079.
Following Vancouver and Toronto, the next least affordable housing markets for single buyers are Victoria, Abbotsford, and Hamilton-Burlington.
Montreal’s housing situation for singles with a median income is also considered unaffordable, although the disparity is far less pronounced than Vancouver and Toronto. With an average home price of $348,700 and an income of $47,566 needed to buy a home, single Montrealers can get by far easier, even with their considerably smaller ‘big city’ average incomes of $40,644 for ages 25 to 34, $47,122 for ages 35 to 44, and $44,375 for all age groups.
All of these findings assumed the buyer would make a 20% down payment and take out a 3.29% interest rate, amortized over 30 years.
2. Saint John
5. St. John’s