Living in a city in Canada gets expensive, especially if you’re hoping to own a condo or home. Owning can get even pricier if you’re doing it all on your own. If you’ve ever wondered which cities in Canada are most affordable to buy a condo on a single income, then here’s what to know.
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Zoocasa has put together a breakdown for Canadians, showing which cities are most affordable for single home buyers by analyzing benchmark price data for condo apartments in 22 markets and calculating how many months it would take a homebuyer earning the after-tax average income to save for the minimum down payment.
According to Zoocasa, “With home prices staying relatively flat 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.”
Benchmark apartment prices were sourced from the Canadian Real Estate Association.
Least affordable to most affordable cities in Canada to buy a condo
The breakdown lists the most affordable cities at the bottom of the list, with Edmonton, Alberta being the most affordable. Zoocasa says the average benchmark condo price in Edmonton is $180,100 and would need a $9,005 down payment and 2.1 months of saved income.
The second most affordable city is Regina, Saskatchewan. The average condo is priced at $215,100 and a single buyer would have to put down $10,755 and would need 2.6 months of income saved.
The third most affordable city is also in Saskatchewan – Saskatoon. The average condo is set at $221,100 with an $11,055 down payment and 2.9 months of saved income needed.
While these cities come in as the most affordable, the list also includes the least affordable with Vancouver, BC taking the top spot.
An average condo is priced at $751,900 with a $50,190 down payment and 12.2 months of income saved. Toronto, Ontario takes the second spot with a $682,600 average condo price, a $43,260 down payment needed and 10 months of income saved.
The third least affordable city is Victoria, BC. An average condo costs $562,400 with $31,240 down payment needed and 7.9 months of income saved up.
Now that you know the most affordable cities in Canada to buy a condo on a single income will you be considering a move?