With home prices rising across Canada, affording a house on a single salary becomes tough. If you’re single and looking to buy a home, here are the best and worst cities to do so according to Zoocasa.
It shouldn’t come as a surprise that the two largest cities, Toronto and Vancouver, are the least affordable. Both cities have been struggling with an affordability crisis for a few years. In Toronto, an income of $102,079 is required to purchase a $748,328 home, but the average single person in the city only makes $55,221. Singles in Vancouver make even less, with the median income being $50,721. The average income needed to purchase a home in Vancouver is $139,082.
Emma Pace, a real estate agent with Zoocasa Toronto said, “Single buyers in Toronto will find more affordable opportunities in the condo market, with one-bedroom units available in the $500,000 range across the city. My advice to single buyers and first-time buyers more generally is to remember that your first home purchase will likely not be your last, so don’t jump to buy a property for the sake of getting a low purchase price. It’s important to ensure you make a calculated and informed decision by considering re-sale potential, location, and other purchase fundamentals, as this can affect future real estate prospects.”
Smaller cities in Atlantic Canada and the Prairies offer more affordable options for single homebuyers. Cities such as Regina, Saint John, Edmonton, and Saskatoon are the places to look.
Regina is the most affordable housing market for single buyers. There an average single income is $58,823, and buyers can walk away with an income surplus of over 20k even after purchasing a home. Saint John is also extremely affordable for singles, with the average home costing only $181,576 and the annual income being $42,888.
This new data by Zoocasa doesn’t highlight anything too shocking. It’s long been known that larger cities such as Toronto, Vancouver, and Montreal are more expensive. Not only are priced high but also there are limited detached properties available. If you’re looking for a home in the GTA though, feel free to contact me!