Buying a home isn’t easy, especially if you’re doing it solo. Thankfully, a new report by Zoocasa has named the cheapest cities in Canada for buying an apartment on a single income.

Zoocasa has rounded up the top major cities in Canada with the most affordable down payments for an apartment.

Apartments are a great start-home option for anyone looking to enter the real estate market and tend to be much more attainable for those on a single budget.

For the report, Zoocasa analyzed the minimum down payment that’s required to buy a benchmark apartment in 15 regions nationwide.

It also reveals how many months it would take for the average solo homebuyer to save up for the necessary down payment, assuming they contribute 100% of their income every year.

From the report, it’s clear that if you’re really hoping to save on an apartment, you should look outside of Ontario and BC.

Recent Posts
Here’s the list of participating La Pizza Week restaurants in Canada
Canadians can earn $1,000 to test sex toys for one year & here’s how

The top five most affordable cities included in the list are exclusively in the Prairies.

In Ontario, the cheapest region to buy an apartment on a single income is Ottawa, where the minimum down payment is $20,440.

That may seem pretty cheap until you realize that in Edmonton, the minimum down payment is only $9,155.

That’s only 2.6 months of after-tax income that’s required to afford it.

Here are the cheapest cities in Canada for buying an apartment on a single income, plus minimum down payments and months of saving after-tax income:

  1. Edmonton: $9,155 (2.6 months)
  2. Regina: $10,410 (2.9 months)
  3. Saskatoon: $11,275 (3.4 months)
  4. Winnipeg: $10,955 (3.5 months)
  5. Calgary: $15,155 (4.1 months)
  6. Ottawa: $20,440 (5.1 months)
  7. Moncton: $15,530 (5.5 months)
  8. Vancouver Island: $20,270 (6.3 months)
  9. Montreal: $19,445 (6.5 months)
  10. Kitchener-Waterloo: $23,700 (7.0 months)

In Toronto and Vancouver, the down payments on benchmark apartments are $45,370 and $48,740, respectively.

So if you want to save money on your solo apartment hunt, you know where to look!

Curiocity Staff

With a curated slate of what matters in your city, Curiocity presents you with the most relevant local food, experiences, news, deals, and adventures. We help you get the most out of your city and focus on the easy-to-miss details so that you’re always in the know.
Read articles