With prices in the most inflamed housing markets nationwide showing no signs of reaching a state of affordability, single-income households would do well to reconsider their plans of buying homes in British Columbia and Ontario’s Greater Golden Horseshoe region.
According to a new analysis by real estate information portal Zoocasa, median income in Vancouver earn $50,721, which will be enormously short by $88,361 to cover a purchase of a home in the average price point of $1,019,600.
Average earners in Toronto with an income of $55,221 will fare no better, as they would need $46,858 more to cover for a home on the city’s average price point of $748,328.
Thankfully, markets with relatively affordable selections for single Canadians are still available, with the study noting that this purchasing segment can get the best bang for their buck in Eastern Canada and the Prairie region.
Read more: Prices block most of Canada’s young households from ideal housing
Among the 20 major metropolitan areas analysed by Zoocasa, Regina’s average home price of $284,424 means that a single earner on the median income of $58,823 would enjoy a surplus of $20,025 upon purchasing.
Would-be buyers in Saint John also benefit, as the $181,576 average home price gives a $18,038 surplus for median earners on a $42,888 income.
Edmonton’s average home price of $338,760 will provide a $17,826 surplus on the $64,036 median income, also making it a good choice for single-income households.