Downtown Vancouver Real Estate | Best and Worst Cities for Singles

Downtown Vancouver Real Estate | Best and Worst Cities for Singles

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.

Regina:

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.

Edmonton:

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.

Calgary:

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:

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.

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DOWNTOWN VANCOUVER REAL ESTATE

Comments: We are all living in Vancouver; to be honest with you, we really want the real estate price dropped back to 2010’s level. One of my friends, he is working at Simon Fraser University, making roughly Fifty thousand per year, but only around thirty thousand on hand (after taxes).
If he doesn’t eat, rent, play, and drive; he probably can save three hundred thousand after 10 years – only barely enough for the downpayment. In reality, how can we do not spend any money in 10 years?????
To be a realtor, we want commissions (this is how we live); but we want more people can live in affordability homes.
If you need more information about Real Estate Downtown Vancouver, please check our MLS Listings Vancouver page.