{"id":15420,"date":"2018-03-21T01:00:30","date_gmt":"2018-03-21T05:00:30","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=15420"},"modified":"2019-07-08T11:40:58","modified_gmt":"2019-07-08T15:40:58","slug":"best-canadian-markets-for-buying-a-home-on-one-income","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/best-canadian-markets-for-buying-a-home-on-one-income\/","title":{"rendered":"Best Canadian Markets for Buying a Home on One Income"},"content":{"rendered":"

In a housing market as geographically vast as Canada, homeownership affordability can vary widely from coast to coast; while carrying a mortgage is a major financial commitment regardless of province or city, some regions are much friendlier on buyers\u2019 bank accounts, especially those purchasing a home on a single income.<\/p>\n

In fact, owning a home solo can seem outright impossible in Canada\u2019s most expensive markets. In Vancouver, where the median single-income household earns $38,164 and the average home cost was $1,071,800 in February, homeownership would cost said buyer 28 times their yearly salary, based on the home-price-to-income ratio.<\/p>\n

This ratio is a basic affordability measure that indicates how long it would take a homeowner to completely pay off their home if they contributed 100 per cent of their annual income to shelter costs. The higher the ratio, the longer this payment timeline.<\/p>\n

Financial experts commonly recommend restricting shelter costs to just three times one\u2019s annual income \u2013 however, this is outstripped by even the most affordable market in Canada; owning the average-priced home of $171,596 in Saint John, NB, on the regional median income of $39,163, would still require 4 times the homeowner\u2019s annual earnings.<\/p>\n

Where is Buying a Home on One Income Possible?<\/h2>\n

To identify which Canadian housing markets were most affordable for single purchasers, Zoocasa calculated the home-price-to-income ratio in each of the nation\u2019s major markets, based on February data from the Canadian Real Estate Association<\/a>\u00a0and the median household income from Statistics Canada.<\/p>\n

Check out the top 10 best (and worst) markets for purchasing a home on both a solo and multiple income in the infographic below.<\/p>\n

\"buying-home-single-canada-zoocasa\"<\/a><\/p>\n

The Most and Least Affordable Markets for Single-Income\u00a0Buyers<\/h2>\n

The 5 Most Affordable Home Markets<\/h3>\n
    \n
  • Saint John: 4 (average home\u00a0price: $171,596, median one-person income: $39,163)<\/li>\n
  • Greater Moncton: 4 (average home price: $174,800, median one-person income: $39,456)<\/li>\n
  • Trois Riviers: 4 (average home price: $153,591, median one-person income: $34,745)<\/li>\n
  • Fredericton: 5 (average home price: $179,981, median one-person income: $34,724)<\/li>\n
  • Saguenay: 6 (average home price: $161,587, median one-person income: $29,125)<\/li>\n<\/ul>\n

    The\u00a05 Least Affordable Home Markets<\/h3>\n
      \n
    • Greater Vancouver: 28 (average home price: $1,071,800, median one-person income: $38,164)<\/li>\n
    • Fraser Valley: 25 (average home price: $795,100, median one-person income: $31,568)<\/li>\n
    • Greater Toronto: 19 (average home price: $751,700, median one-person income: $39,560)<\/li>\n
    • Okanagan Mainline: 18 (average home price: $509,545, median one-person income: $28,900)<\/li>\n
    • Victoria: 17 (average home price: $642,800, median one-person income: $37,793)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      In a housing market as geographically vast as Canada, homeownership affordability can vary widely from coast to coast; while carrying a mortgage is a major financial commitment regardless of province or city, some regions are much friendlier on buyers\u2019 bank accounts, especially those purchasing a home on a single income. In fact, owning a home […]<\/p>\n","protected":false},"author":39,"featured_media":15423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1114,1107,33],"tags":[],"class_list":["post-15420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-infographics","category-real-estate-news"],"yoast_head":"\nBest Canadian Markets for Buying a Home on One Income | Zoocasa<\/title>\n<meta name=\"description\" content=\"Where in Canada is buying a home on one income possible? 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