Canadians are well aware that we have a major housing crisis across the country due to a lack of supply and affordability. As our population grows and inflation rises, conditions continue to tighten but the dream of homeownership is alive because it is a high-return investment.
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While home prices have dramatically risen in recent years, wages have not followed suit at the same rate. In the last six months alone, the number of cities where those earning the median income could afford to buy has dwindled due to the upward pressure on home prices and rising interest rates.
All of this begs the question – are there actually any current listings median income earners can afford to buy? We analyzed median incomes across each Canadian province and calculated exactly what those earning it could afford and compared that to what the most recent benchmark price was in each. Next, we found active listings that are currently available at that price point. You might be surprised to see what affordable options are out there.
Home Buying is a Challenge Across the Country
Buying a home in any province right now is remarkably difficult wherever you look. Across each province, the median income wasn’t enough to afford any home in Canada at the benchmark price, however there are still hidden gems in each province at the right price point. In terms of the benchmark price, Newfoundland and Labrador offer the most affordability, where there’s a difference of just over $43,000 between what you can afford and what the benchmark is. Those on the median income can expect to afford a home around $246,458, while the benchmark price in the province is $289,800.
The only other province with a benchmark home price under $300,000 is New Brunswick, and the difference between that and the maximum affordability of $242,686 is just under $50,000. Other affordable areas include the Prairies, where the difference between your maximum affordability and the benchmark price is around $45,500 in Saskatchewan, and just under $84,000 in Manitoba.
The least affordable provinces to buy in are Ontario and British Columbia. The slightly higher median income in Ontario and lower benchmark price means the difference between the maximum affordability and the benchmark is slightly less than it is in B.C., around $637,000. A home costs $920,000 in Ontario, while the median income means buyers can only afford to buy up to $283,180. B.C. median income earners can expect to find a home around $277,466 in their price range, a little less than $722,000 short of the benchmark price of $998,900.
The Kind of Homes You Can Buy at the Median Income in Each Province
While the difference between affordability and the actual price may give you cause for concern, it’s important to remember that these are benchmark prices, and it’s absolutely possible to find homes around the maximum affordability. We’ve searched far and wide to find some of the best (and affordable) homes each province currently has to offer.
This incredible two-storey home combines modern design and comfort effortlessly. The open floor plan creates a seamless feel, allowing light from both the front and back to completely illuminate the living area and kitchen. Outside is a gorgeous deck to enjoy the summer months from and host barbecues for friends or family.
If you’re looking for the perfect Saskatoon starter home, this might be it. The home has been updated throughout, with new windows, kitchen features and the completed basement, which has a family area and bedroom in it. The spacious garden is full of potential, also making it a great home to build with your children.
This home is up for sale for the first time in over 70 years! It’s been lovingly cared for in that time, with an exterior that oozes character, and a backyard with wonderful landscaping and gardening, really setting it apart. The spacious main living area has patio doors leading to the backyard, while the stone basement offers a ton of storage space.
The bright and inviting home immediately greets you with a cozy, wood-burning fireplace in the living room. The dining room adjoins the kitchen, making the space a perfect place to entertain family and friends. The French doors from the living room lead to the fenced backyard, which is a wonderful space to either enjoy summer evenings or let the kids or pets roam free.
This end-unit condo is in an excellent spot for anyone looking for a convenient lifestyle, with multiple amenities nearby. A perfect starter home, the spacious bedrooms provide ample space for you and your family, with a backyard to enjoy summer evenings from.
This lovely duplex is based in a fenced lot and makes an excellent starter home for young families due to its proximity to daycares, parks and primary and secondary schools when they get a little older. There’s also a golf course for parents to enjoy as well. Two separate units mean this property is also great for housing a second tenant for some additional revenue or family.
This home is a perfect opportunity for anyone looking to buy their first home, to downsize or invest. The bright living room boasts plenty of natural light, and the family room has a gorgeous wood fireplace. The home has had many upgrades such as an updated kitchen and bathroom, and its proximity to shopping centres, downtown and other amenities makes it an excellent place to call home.
If you’re looking to get away from it all – this might be the one for you. Based amongst the trees with no neighbours in sight, this home has plenty of space both in and outdoors for you to make your own. The home is open and spacious, with the open floor plan ensuring that space is used efficiently. The home has a lookout point – an entirely unique feature offering breathtaking views.
This lovely family home is well cared for and is in a beautiful area. The home is partially fenced, with a view of the Bay of Funday. The main floor is spacious and adorned with hardwood flooring, with the second level below housing a bedroom, office space and a family room, making it a wonderful opportunity for young families.
Nestled on a half-acre lot, this home is a great spot for anyone with a proclivity for the water. The home has a cozy space where the upper level overlooks the quaint living room, while the basement is full of potential for you to make it your own, and offers a walkout to the backyard. The home is just a short, scenic drive from Jeddore Harbour, where you can take a stroll down to the quaint fishing port and enjoy the beautiful ocean views and an opportunity to spend some time fishing.
Daniel Crook is a Content Marketing Specialist at Zoocasa. Daniel’s insights provide home buyers and sellers with knowledge of local and national markets to aid them in their real estate pursuits. Daniel covers a multitude of topics, ranging from mortgages to local market trends, as well as data-driven reports uncovering national trends.
His work has been featured in outlets such as BNN Bloomberg, CTV News, the National Post and the Globe and Mail. You can find all his latest insights on the Zoocasa blog.