{"id":16220,"date":"2019-02-14T03:00:01","date_gmt":"2019-02-14T08:00:01","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=16220"},"modified":"2019-07-08T11:40:54","modified_gmt":"2019-07-08T15:40:54","slug":"buy-a-home-on-a-single-income-canada","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/buy-a-home-on-a-single-income-canada\/","title":{"rendered":"Where Can You Buy a Home On a Single Income in Canada? [REPORT]"},"content":{"rendered":"\n<p>Purchasing a home alone in any Canadian housing market is no easy feat \u2013 but it\u2019s much easier to climb onto the property ladder solo in some cities than in others.<\/p>\n\n\n\n<p>While having a dual-income household can greatly improve purchasing power and the ability to qualify for a mortgage, that\u2019s not to say homeownership isn\u2019t in the cards for single-income earning buyers. In fact, according to recent calculations by <a href=\"https:\/\/www.zoocasa.com\">Zoocasa<\/a> in celebration of Single Awareness Day (February 15), there are a number of markets where it&#8217;s possible to buy a home on one income &#8211; and even have money left over.<\/p>\n\n\n\n<p>To determine which markets were affordable, the average and benchmark home prices were sourced from regional real estate boards; it was then assumed the buyer would make a 20% down payment and take out financing with a 3.29% interest rate amortized over 30 years, to determine the minimum income required to qualify for a mortgage on the average home. Those findings were then compared to median income data of \u201cpersons living alone who earned employment income\u201d as reported by Statistics Canada.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Single Buyers Can Afford Most in Atlantic Canada, Prairies&nbsp;<\/h2>\n\n\n\n<p>Overall, single home buyers will see the best bang for their buck in Eastern Canada and the Prairie provinces, with Regina taking top spot out of 20 cities for greatest affordability. There, a single buyer earning the median income of $58,823 would enjoy an income surplus of $20,025 on the average priced home of $284,424. That\u2019s followed by Saint John, where someone earning the median of $42,888 would see a surplus of $18,038 on a $181,576 home, and Edmonton, where earning $64,036 would net a $17,826 surplus on the average home price of $338,760.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\">MLS listings in Calgary<\/a>, Lethbridge, Winnipeg, and Halifax also fall within the realm of affordability for single-income purchasers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">BC And Greater Golden Horseshoe Most Out of Budget<\/h2>\n\n\n\n<p>Not surprisingly, the least affordable housing markets for singles are found in British Columbia and Ontario\u2019s Greater Golden Horseshoe. For example, a buyer earning the median of $50,721 would fall a whopping $88,361 short on the average $1,019,600 for&nbsp;<a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\">MLS listings in Vancouver<\/a>.&nbsp;<a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\">Toronto real estate listings<\/a> are the second-least affordable with an average home price of $748,328; a buyer earning $55,221 would face an income gap of $46,858. Victoria is the third least affordable with an average home price of $633,386, still $39,359 above what the relatively high median income of $86,400 could afford.<\/p>\n\n\n\n<p>Other markets not considered affordable for single buyers include Guelph, Kitchener-Waterloo, London, Montreal, and Ottawa.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Single Millennials Have Smallest Purchasing Power<\/h2>\n\n\n\n<p>The research also compared how earnings ranged by age group per location, and which demographic enjoyed the greatest affordability when purchasing a home. Across every market, Gen Xers (35 \u2013 44 and 45 \u2013 54 age brackets) enjoy the greatest earnings and purchasing power, with 11 markets considered within affordable reach (compared to 10 markets across all age groups). Millennials (aged 25 \u2013 34) had the least earning power in each city, behind Boomers (aged 55 \u2013 64).<\/p>\n\n\n\n<p>Overall, single home buyers aged 35 \u2013 44 purchasing a home in Regina enjoyed the greatest affordability of all, with an income surplus of $24,215. A millennial purchasing in Vancouver had the least, facing a gap of $92,774.<\/p>\n\n\n\n<p>Check out the infographics below to see which Canadian housing markets are most affordable for single buyers (click to enlarge):<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-zoocasa.png\"><img decoding=\"async\" src=\"\"><img loading=\"lazy\" decoding=\"async\" width=\"1300\" height=\"2641\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-zoocasa.png\" alt=\"\" class=\"wp-image-16224\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-zoocasa.png 1300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-zoocasa-148x300.png 148w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-zoocasa-768x1560.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-zoocasa-504x1024.png 504w\" sizes=\"auto, (max-width: 1300px) 100vw, 1300px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-25-64-zoocasa.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1300\" height=\"1797\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-25-64-zoocasa.png\" alt=\"Buying Single - Income Gap - Age 25-64\" class=\"wp-image-16227\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-25-64-zoocasa.png 1300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-25-64-zoocasa-217x300.png 217w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-25-64-zoocasa-768x1062.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-25-64-zoocasa-741x1024.png 741w\" sizes=\"auto, (max-width: 1300px) 100vw, 1300px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-gallery columns-2 is-cropped\"><li class=\"blocks-gallery-item\"><figure><a href=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-25-34-zoocasa.png\"><img decoding=\"async\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-25-34-zoocasa.png\" alt=\"Buying a Home Single - Age 25 to 34\"><\/a><\/figure><\/li><li class=\"blocks-gallery-item\"><figure><a href=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-35-44-zoocasa.png\"><img decoding=\"async\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-35-44-zoocasa.png\" alt=\"Buying a Home Single - Age 35 to 44\"><\/a><\/figure><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-gallery columns-2 is-cropped\"><li class=\"blocks-gallery-item\"><figure><a href=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-45-54-zoocasa.png\"><img decoding=\"async\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-45-54-zoocasa.png\" alt=\"Buying a Home Single - Age 45 to 54\"><\/a><\/figure><\/li><li class=\"blocks-gallery-item\"><figure><a href=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-55-64-zoocasa.png\"><img decoding=\"async\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-55-64-zoocasa.png\" alt=\"Buying a Home Single - Age 55 to 64\"><\/a><\/figure><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Top 5 Most Affordable Housing Markets for Single Home Buyers<\/h3>\n\n\n\n<p><strong>1 \u2013 Regina<\/strong><\/p>\n\n\n\n<p>Average home price: $284,44<\/p>\n\n\n\n<p>Income required: $38,798<\/p>\n\n\n\n<p>Actual median income: $58,823<\/p>\n\n\n\n<p>Income surplus: $20,025<\/p>\n\n\n\n<p><strong>2 \u2013 Saint John<\/strong><\/p>\n\n\n\n<p>Average home price: $181,576<\/p>\n\n\n\n<p>Income required: 24,769<\/p>\n\n\n\n<p>Actual median income: $42,888<\/p>\n\n\n\n<p>Income surplus: $18,038<\/p>\n\n\n\n<p><strong>3 \u2013 Edmonton<\/strong><\/p>\n\n\n\n<p>Average home price: $338,760<\/p>\n\n\n\n<p>Income required: $46,210<\/p>\n\n\n\n<p>Actual median income: $64,036<\/p>\n\n\n\n<p>Income surplus: $17,826<\/p>\n\n\n\n<p><strong>4 \u2013 Saskatoon<\/strong><\/p>\n\n\n\n<p>Average home price: $290,736<\/p>\n\n\n\n<p>Income required: $39,659<\/p>\n\n\n\n<p>Actual median income: $55,758<\/p>\n\n\n\n<p>Income surplus: $16,099<\/p>\n\n\n\n<p><strong>5 \u2013 St. John\u2019s<\/strong><\/p>\n\n\n\n<p>Average home price: $295,211<\/p>\n\n\n\n<p>Income required: $40,270<\/p>\n\n\n\n<p>Actual median income: $51,964<\/p>\n\n\n\n<p>Income surplus: $11,694<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5 Least Affordable Housing Markets for Single Buyers<\/h3>\n\n\n\n<p><strong>1 &#8211; Vancouver<\/strong><\/p>\n\n\n\n<p>Average home price: $1,019,600<\/p>\n\n\n\n<p>Income required: $139,082<\/p>\n\n\n\n<p>Actual median income: $50,721<\/p>\n\n\n\n<p>Income gap: $88,361<\/p>\n\n\n\n<p><strong>2 &#8211; Toronto<\/strong><\/p>\n\n\n\n<p>Average home price: $748,328<\/p>\n\n\n\n<p>Income required: $102,079<\/p>\n\n\n\n<p>Actual median income: $55,221<\/p>\n\n\n\n<p>Income gap: $46,858<\/p>\n\n\n\n<p><strong>3 &#8211; Victoria<\/strong><\/p>\n\n\n\n<p>Average home price: $633,386<\/p>\n\n\n\n<p>Income required: $86,400<\/p>\n\n\n\n<p>Actual median income: $47,041<\/p>\n\n\n\n<p>Income gap: $39,359<\/p>\n\n\n\n<p><strong>4 &#8211; Abbotsford<\/strong><\/p>\n\n\n\n<p>Average home price: $590,900<\/p>\n\n\n\n<p>Income required: $80,604<\/p>\n\n\n\n<p>Actual median income: $46,714<\/p>\n\n\n\n<p>Income gap: $33,890<\/p>\n\n\n\n<p><strong>5 \u2013 Hamilton-Burlington<\/strong><\/p>\n\n\n\n<p>Average home price: $550,058<\/p>\n\n\n\n<p>Income required: $75,033<\/p>\n\n\n\n<p>Actual median income: $51,253<\/p>\n\n\n\n<p>Income gap: $23,778<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Methodology<\/strong><\/p>\n\n\n\n<p><strong>Income gap:<\/strong> The income gap is calculated as the difference between the median total income for persons living alone who earned employment income, and the income required to purchase the average home.<\/p>\n\n\n\n<p><strong>Home prices:<\/strong> January 2019 and December 2018 average and benchmark home prices were sourced from regional real estate boards. The most recently available price at the time of research was used.<\/p>\n\n\n\n<p><strong>Income required:<\/strong> The income required to afford the average home price was calculated using the Ratehub mortgage affordability calculator (www.ratehub.ca\/mortgage-affordability-calculator) assuming a 20% down payment, a mortgage are of 3.29% and a 30-year amortization. Calculations do not factor in carrying costs such as property taxes and heating.<\/p>\n\n\n\n<p><strong>Median total income of persons living alone by region:&nbsp;<\/strong>The median total income of persons living alone who earned employment income by census metropolitan area or census agglomerations, by age group, was sourced from Statistics Canada, 2016 Census.<\/p>\n\n\n\n<p><strong>About Zoocasa<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/\">Zoocasa.com<\/a>&nbsp;is a real estate website and brokerage that provides advanced online search tools and data to empower Canadians to buy or sell their homes faster, easier and more successfully. Home buyers can browse real estate listings on the website or the free&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/itunes.apple.com\/ca\/app\/zoocasa-real-estate\/id301743811?mt=8\" target=\"_blank\">real estate iOS app<\/a>.<\/p>\n\n\n\n<p>For more information about this report or to set up a media interview, please email&nbsp;communications@zoocasa.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purchasing a home alone in any Canadian housing market is no easy feat \u2013 but it\u2019s much easier to climb onto the property ladder solo in some cities than in others. While having a dual-income household can greatly improve purchasing power and the ability to qualify for a mortgage, that\u2019s not to say homeownership isn\u2019t [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":16243,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1114,1111,1107,33],"tags":[],"class_list":["post-16220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-canada","category-infographics","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Where Can You Buy a Home On a Single Income in Canada? | Zoocasa<\/title>\n<meta name=\"description\" content=\"Where can you buy a home ona single income in Canada? While some markets are financially far out of reach for those with one ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/buy-a-home-on-a-single-income-canada\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Where Can You Buy a Home On a Single Income in Canada? | Zoocasa\" \/>\n<meta property=\"og:description\" content=\"Where can you buy a home ona single income in Canada? While some markets are financially far out of reach for those with one ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/buy-a-home-on-a-single-income-canada\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-14T08:00:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-08T15:40:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/02\/buying-single-home-income-gap-zoocasa-05.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"344\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Penelope Graham\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Penelope Graham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/buy-a-home-on-a-single-income-canada\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/buy-a-home-on-a-single-income-canada\/\"},\"author\":{\"name\":\"Penelope Graham\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/9a2554dc39c550f5ef3339b25aa1f09c\"},\"headline\":\"Where Can You Buy a Home On a Single Income in Canada? 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