Saskatchewan Cities are Tops in Home Affordability for Single Home Buyers
A new report released today shows that Saskatchewan Cities are among the most affordable in the Country for single people looking to purchase a home on one income.
Regina, in fact is the number one place in all of Canada for housing affordability for single people.
The average price of a home in Regina is $284,440. The annual income required to purchase that home (with a 20 percent downpayment) is $38,798. The actual median income for single people in Regina is $58,823, so that leaves an income surplus of $20,025 for the average single person looking to purchase a home.
- Average home price: $284,440
- Income required: $38,798
- Actual median income: $58,823
- Income surplus: $20,025
Saint John is 2nd on the list, Edmonton is 3rd, and Saskatoon comes in 4th.
The average price of a home in Saskatoon is $290,736. The annual income required to purchase that home (with a 20 percent downpayment) is $39,659. The actual median income for single people in Regina is $55,758, so that leaves an income surplus of $16,099 for the average single person looking to purchase a home.
- Average home price: $290,736
- Income required: $39,659
- Actual median income: $55,758
- Income surplus: $16,099
The Least Affordable market in the Country for single buyers is Vancouver, where the average single person makes $88,000 less a year than they would need to buy an average home at the price of just over 1 million dollars.
Toronto, Victoria, Abbotsford, and Hamilton/Burlington aren’t far behind, with most single people earning far less money that would be needed to purchase an average home.
The report was released by Canadian Real Estate Company Zoocasa, based on information released by Statistics Canada and Real Estate Boards across the country.
With housing affordability so high in Saskatchewan compared with other parts of the Country, hopefully home sales in this province will pick up in the year ahead. Click here to start shopping for homes in Saskatchewan now!