Downtown Vancouver Real Estate | Best & Worst Cities
Best and Worst Cities for Singles Looking to Purchase Real Estate
Amongst Canadian cities, the challenge of owning a home is significantly varied. By a wide margin, Regina proves to be the most affordable for Canadian singles.
First, according to a recent Canadian study, singles in Regina, Saskatchewan are purchasing at approximately $290,000. With an average income of $59,000 – at least an income of $39,000 is necessary to purchase a home in this city.
Second, Edmonton ranks amongst the top most affordable cities in Canada. In Edmonton, the average home price is at $340,000 and the median earnings of $65,000 make it feasible for singles.
Third, with the average home being valued at $450,000, Calgary is the one city in Canada where the median price of homes is less than the median income. With $61,305 as the required income to purchase a home in this city, this nets an income surplus of $5,500 and $2,800.
Vancouver real estate:
Next, Without any surprise, Vancouver is by far the worst city to purchase a home for a single earner. Owning a home in Vancouver has become more and more difficult over the years. Homes in Vancouver are at an average of $1 million and the income required would be more than $135,000.
Toronto is ranked as the second worst place in Canada for buyers, slightly more feasible than Vancouver. The minimum income required to purchase a home in Toronto is $102,079. The average home price is at $748,000, more than double the median income for all age groups.
Finally, After Toronto and Vancouver, the most unaffordable real estate markets for single buyers are Abbotsford, Victoria, and Hamilton-Burlington.