Eastern Canada and the Prairie provinces are the places to look at
In recent years, co-ownership has emerged as a popular option for Canadians who are struggling to cover the ever-increasing costs of housing, but areas of relative affordability are thankfully still available for those who would prefer to go their own way.
According to a new analysis by real estate information portal Zoocasa, single Canadians looking to buy new homes will get the best value for their money in Eastern Canada and the Prairie region.
Among the 20 major metropolitan areas looked at in the study, Regina proved to be the best choice for singles. With an average home price of $284,424, a single median earner with an income of $58,823 would enjoy an income surplus of $20,025.
Saint John is also a sensible choice, as the $181,576 average home price would mean that a median earner with a $42,888 income would have a $18,038 surplus.
Edmonton’s average home price of $338,760 will yield a $17,826 surplus on the $64,036 median income for singles, also making it another good destination for this demographic.
As the most expensive markets nationwide, British Columbia and Ontario’s Greater Golden Horseshoe region are the places to avoid for Canadian singles.
Vancouver’s $50,721 median income would still be $88,361 short on the city’s average $1,019,600 home price.
The situation in Toronto is no better, as an average earner with an income of $55,221 would find themselves needing $46,858 more to cover for a home on the city’s average price point of $748,328.