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Real Estate, Urbanized, News

These are the best and worst Canadian cities for singles buying homes

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Kenneth Chan Feb 14, 2019 7:56 am 105

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.

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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.

5 most affordable housing markets for single home buyers

1. Regina

  • Average home price: $284,44
  • Income required: $38,798
  • Actual median income: $58,823
  • Income surplus: $20,025

2. Saint John

  • Average home price: $181,576
  • Income required: $24,769
  • Actual median income: $42,888
  • Income surplus: $18,038

3. Edmonton

  • Average home price: $338,760
  • Income required: $46,210
  • Actual median income: $64,036
  • Income surplus: $17,826

4. Saskatoon

  • Average home price: $290,736
  • Income required: $39,659
  • Actual median income: $55,758
  • Income surplus: $16,099

5. St. John’s

  • Average home price: $295,211
  • Income required: $40,270
  • Actual median income: $51,964
  • Income surplus: $11,694

5 Least affordable housing markets for single buyers

1. Vancouver

  • Average home price: $1,019,600
  • Income required: $139,082
  • Actual median income: $50,721
  • Income gap: $88,361

2. Toronto

  • Average home price: $748,328
  • Income required: $102,079
  • Actual median income: $55,221
  • Income gap: $46,858

3. Victoria

  • Average home price: $633,386
  • Income required: $86,400
  • Actual median income: $47,041
  • Income gap: $39,359

4. Abbotsford

  • Average home price: $590,900
  • Income required: $80,604
  • Actual median income: $46,714
  • Income gap: $33,890

5. Hamilton-Burlington

  • Average home price: $550,058
  • Income required: $75,033
  • Actual median income: $51,253
  • Income gap: $23,778

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Zoocasa

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