{"id":27497,"date":"2024-02-20T06:00:00","date_gmt":"2024-02-20T11:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=27497"},"modified":"2024-03-04T14:42:54","modified_gmt":"2024-03-04T19:42:54","slug":"best-canadian-cities-buying-condo-single-income-2024","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/best-canadian-cities-buying-condo-single-income-2024\/","title":{"rendered":"Buying Solo: Here\u2019s Where You Can Buy a Condo in Canada with a Single Income"},"content":{"rendered":"\n

High borrowing costs, limited inventory, and a cost of living crisis have recently made it difficult for homebuyers to enter the market. For solo buyers or those dependent on a single income, these obstacles are especially large and can reduce a buyer’s purchasing power. But with home prices staying relatively flat<\/a> and some fixed rates now coming down, there are quite a few markets in the condo segment where single buyers stand a chance at homeownership.<\/p>\n\n\n\n

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In January 2024, the national benchmark price for a condo apartment was $526,500, over $200,000 lower than the January 2024 benchmark price of a single-family home according to the Canadian Real Estate Association. In more expensive markets like Greater Toronto and Greater Vancouver, the price difference between a condo and a single-family home can be even larger. This positions condo apartments as the most affordable property type and is an excellent option for first-time home buyers or single-income buyers. <\/p>\n\n\n\n

To find out which cities are the best for buying a condo with a single income, Zoocasa analyzed benchmark price data for condo apartments in 22 markets and calculated how many months it would take a homebuyer earning the after-tax average income to save for the minimum down payment. For the purpose of this report, it was assumed that the homebuyer was contributing 100% of their annual income to saving up for the minimum down payment. After-tax average incomes for persons living alone were sourced from Statistics Canada Income E<\/a>xplorer, 2021 Census, and benchmark apartment prices were sourced from the Canadian Real Estate Association. <\/p>\n\n\n\n

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Solo Condo Buyers Can Save for a Down Payment in Under 8 Months in Most Cities<\/h1>\n\n\n\n

Out of 22 cities, Edmonton<\/a> is the most affordable for buying a condo on a single income. It would take an average income earner just 2.1 months to save up for the required down payment of $9,005. Not only do Edmonton single buyers benefit from low condo prices, but the city also has one of the highest average incomes of the cities we analyzed at $50,680. With the highest average income on our list, Calgary<\/a> single-income buyers can also save up for the required down payment in a short time. It would take an average-income earner 3.5 months to save up the $16,525 needed for the down payment in Calgary. <\/p>\n\n\n\n