Single First Time Home Buyer
Qualifying for a home in Canada these days is, well, difficult. Especially if you are single and have only one income.
Zoocasa has put together a list of both, Canada's least affordable, and most affordable housing markets according to the median income for several cities across Canada.
BC and Ontario Housing Markets Most Unattainable for Single HomeBuyers
Not Surprisingly Vancouver and Toronto, ranked #1 and #2 most expensive cities with the median income required to buy an average house in each of these cities, $139,082 and $102,079 respectively. Single Income homebuyers in Vancouver and Toronto are earning roughly 1/2 of the income required to purchase an average home .
If you are single and live in Ontario, the prospects of qualifying to by a home on your own are bleak. According to this report, Guelph, Kitchener-Waterloo, London and Ottawa are all on the unaffordable side of the equation.
Maritimes and Alberta, Most Single HomeBuyer Friendly Housing Markets
Atlantic Canada earns the single homebuyer affordability top spot, with Halifax, St John's, Charlottetown, and Saint John amongst Canada's most affordable housing market for single homebuyers. Each cities median income is substantially greater than that required to buy an average house. Saint John earns the prize for the Most Singles Friendly Canadian Housing Market with the median income of $40,814 far exceeding the $24,769 of income required to purchase an average house. That's a whopping 65% greater than required.
