Calgary 
The dream of homeownership remains within reach for single-income buyers in Canada despite the challenges posed by high borrowing costs, a limited housing inventory, and an escalating cost of living crisis, finds Zoocasa in their latest affordability analysis.
Zoocasa’s analysis of condo market affordability across 22 Canadian cities reveals that Edmonton tops the list as the most budget-friendly city for single-income buyers.
Here, an average income earner could save for a condo’s down payment in just 2.1 months, with the required sum being $9,005. This is attributed to the city’s low condo prices coupled with one of the highest average incomes at $50,680. Calgary follows, with a 3.5-month saving period needed for a $16,525 down payment, benefiting from the highest average income among the cities studied.
Saskatoon and Winnipeg has saving times of 2.9 and 3.2 months for down payments of $11,055 and $11,380, respectively.
In Ontario, London & St. Thomas are the most accessible, where a $43,560 income leads to a 4.8-month saving period for a $17,570 down payment. Ottawa stands out for its balance of high income ($50,480) and reasonable condo prices ($418,500).
However, Vancouver and Toronto challenge single-income earners with longer saving periods of 12.2 and 10 months, respectively, for down payments. Vancouver’s high down payment requirement of $50,190 and Toronto’s $43,290 highlight the financial hurdles in these markets.
Hamilton-Burlington, despite lower condo prices compared to Toronto, still requires a saving period of over 7 months for solo buyers.
Zoocasa’s methodology for evaluating condo affordability involved sourcing benchmark apartment prices from the Canadian Real Estate Association and using average after-tax incomes from Statistics Canada’s 2021 Census.
Minimum down payments were calculated based on Government of Canada guidelines: 5% for homes up to $500,000, an additional 10% for amounts above $500,000 up to $999,999, and 20% for homes priced at $1 million or more.
