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Zoocasa, a full-service brokerage, has released an analysis of the least and most affordable cities in Canada for single home buyers based on benchmark apartment prices across 18 regions in Canada.
The brokerage says they calculated the minimum income required to buy a home based on December 2022 home prices from the Canadian Real Estate Association, assuming the buyer can put down a 20% downpayment and get a mortgage with an average interest rate of 5.14% with 30 year amortization period.
Most Affordable Cities in Canada for Single Income Home Buyers
Regina is the most affordable city for single-income buyers, with Saint John and Edmonton coming in at second and third spots, respectively, when you compare median income in the city and apartment prices.
Average home prices are around $311,500 in Regina. Zoocasa finds that the income required to afford a home is $48,450, while the median income in the city is $58,000 leading to an income surplus of $9,550.
While the average home price is lower in Saint John, income surplus (difference between median income and income required) is higher in Regina.
- Regina, Saskatchewan: Average home price: $311,500; Income required: $48,450; Actual median income: $58,000
- Saint John, New Brunswick: Average home price: $261,300; Income required: $40,613; Actual median income: $48,000
- Edmonton, Alberta: Average home price: $366,600, Income required: $57,000; Actual median income: $59,600
- St. John’s, Newfoundland: Average home price: $316,800; Income required: $49,275; Actual median income: $50,400
- Winnipeg, Manitoba: Average home price: $323,400; Income required: $50,288; Actual median income: $50,400
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Most Expensive Cities in Canada for Single Income Home Buyers
As expected, British Columbia and Ontario cities are the least affordable.
Vancouver is the most expensive city to buy a home on a single income followed by Toronto and Victoria.
- Vancouver: Average home price: $1,114,300; Income Required: 173,250; Actual median income: $56,400
- Toronto: Average home price: $1081, 400; Income Required: $168150; Actual median income: $62000
- Victoria: Average home price: 872,700; Income Required: 135,675; Actual median income: 51,600
- Hamilton-Burlington: Average home price: 803,200; Income Required: 124875; Actual median income: 56000
- Guelph and District: Average home price: $796.900; Income Required: $123,900; Actual median income: 54800
The study found that while it is challenging to buy a detached home in most cities, a single-income buyer earning the median income ($48,000) can afford one (average price: $261,000) easily in Saint John.
