Zoocasa, a full-service brokerage, has released an analysis on the least and most affordable cities in Canada for single home buyers based on benchmark apartment prices across 15 regions in Canada.
Most Affordable Cities in Canada for Single Home Buyers
Edmonton is the most affordable city for single-income buyers, with Saskatoon and Regina coming in at second and third spots respectively, when you compare median income in the city, and apartment prices. Saskatoon is the most affordable city based on benchmark price alone.
Average apartment prices are around $183,800 in Edmonton, and you require only $9,190 (5%) as down payment. Though prices are around $169,500 in Saskatoon, Edmonton takes the top spot because after-tax income is $42,360 in Edmonton, while it is only $36,930 in Saskatoon.
In Calgary, the city with the highest median single-income in Canada at $44,957, an average apartment cost is $257,300.
Five most affordable cities for single-home buyers based on median income and apartment prices:
Five most affordable cities for single-home buyers based on apartment prices:
The Most Expensive Canadian Cities for Single Home Buyers
Zoocasa analysed 15 regions across Canada, and calculated minimum down payment needed to purchase a benchmark apartment and compared it with minimum down payment required.
According to this metric, as expected, Vancouver is the least affordable place closely followed by Toronto and Victoria. Average downpayment required in Vancouver is is $40,670, with median income of single buyers at $33,804 and it will take 14.4 months for Vancouverites to save for an apartment. For those in Toronto, where the median income is $35,294, one will need 10.5 months to save for a 5% downpayment $30,800 for an apartment of $558,000.
Five least affordable cities for single-home buyers based on apartment prices:
- Fraser Valley
Five least affordable cities for single-home buyers based on median income and apartment prices:
- Fraser Valley
According to Statistics Canada, 4.0 million Canadians are living alone and represent 14% of the population aged 15 and over. Most recently, Rentals.ca analysed the rental rates across Canada and found that Ontario and British Columbia have the highest rental rates in the last quarter of 2019.