Looking to buy a house? Due to inflation, it might feel like an impossibility but don’t write your dreams off just yet! Some markets are more forgiving than others and thanks to a new study on the most affordable cities in Canada for first-time home buyers, we now know where you’ll get the most bang for your buck!
Taking into consideration everything from the average annual income to housing prices, property tax and electricity bills, real estate experts at Edmonton Homes have ranked 10 major cities from coast to coast and what they found was surprising.
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As it turns out, with an affordability score of 58.8, St. John’s, Newfound Land is the most affordable of the 25 most populated cities in the country, followed by Regina, Saskatoon and Quebec City.
Also in the top 5? Edmonton – which earned a score of 46.4!
“Edmonton rounds out the top five with an affordability score of 46.4,” they wrote. “Homeowners in the city will see their median annual income of $107,450 constitute 29.04% of house prices, which average $370,068. The city’s property tax costs 4.04% of the median income, and with an average annual electricity bill of $2,004, residents spend 1.87% of their income to light up their homes.”
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Of course, YEG wasn’t the only Alberta city that made this particular list!
“In seventh place is Calgary, with a 37.5 affordability score. The average home price is $511,944, and the city’s median annual income is $109,520, equivalent to 21.39%.,” they explain.
As for the other cities? Below are the top 10 most affordable cities in Canada for first-time home buyers:
Where will the market take you, Canada?
Where ever you go, enjoy and happy house hunting!
