Single and looking to buy a home in Canada? You’ll have much better luck in Atlantic Canada or the Prairies.
In celebration of Singles Awareness Day on February 15, real estate website Zoocasa looked at the best and worst Canadian cities for single home buyers. And, believe it or not, there’s still a number of cities where singletons can buy and still have money left over.
When it comes to affordability, Toronto and Vancouver are among the least affordable in the country. In Vancouver, the average income required to purchase a home is $139,082. The total median income for singles in Vancouver is just $50,721. Toronto, which is the second least affordable city in Canada requires an income of $102,079 to purchase a $748,328 home. The average income for a single person in Toronto is $55,221.
“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,” says Emma Pace, a real estate agent with Zoocasa in Toronto. “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.”
But if you are looking to save, single homebuyers will have much better luck (and more money to spare) by looking at cities like Regina, Saint John, Edmonton, Saskatoon and St. John’s.
By far, the most affordable market for single home buyers is in Regina where a single buyer with an average income of $58,823 can enjoy an income surplus of $20,025 on a $284,424 priced home. Saint John comes in second for affordability with homes averaging $181,576 to annual incomes of $42,888.
Other affordable regions for single home buyers include Calgary, Lethbridge, Winnipeg and Halifax.
According to Zoocasa, single millennials have it the worst when it comes to purchasing power. Across every market, millennials had the smallest earning power. Gen X-ers had the largest purchasing power with 11 markets considered affordable for their bracket.