Independent and hoping to buy a home? Chances are slim of affording it in BC.
A new Zoocasa report looked at which Canadian cities are the most affordable for single buyers. It also looked at which property types would be the best option.
Spoiler alert: Detached homes are virtually unaffordable for single buyers in Canada, except in one place.
“The only city where the average cost of a detached home was affordable for a single-income buyer earning the median income was Saint John, where the average income of $48,000 could afford the average detached home at $261,000,” said Zoocasa. Overall, apartments were the most affordable, followed by townhouses.
Here’s what Zoocasa found about buying on a single income in Canada’s cities:
Zoocasa
The top five most affordable cities are as follows:
1. Regina, Saskatchewan
Average home price: $311,500
Income required: $48,450
2. Saint John, New Brunswick
Average home price: $261,300
Income required: $40,613
3. Edmonton, Alberta
Average home price: $366,600
Income required: $57,000
4. St. John’s, Newfoundland
Average home price: $316,800
Income required: $49,275
5. Winnipeg, Manitoba
Average home price: $323,400
Income required: $50,288
According to Zoocasa, BC and Ontario “may be out of reach for the average single-income buyer,” a surprise to no one.
Vancouver is the most expensive city for single buyers:
- Average home price: $1,114,300
- Income required: $173,250
Also extremely unaffordable? Victoria, BC.
- Average home price: $872,700
- Income required: $135,675
No affordable BC cities made Zoocasa’s list. The average home price stacked up against median income makes Vancouver and Victoria essentially unaffordable for single buyers who aren’t making close to $200,000 per year.