Get a free, no obligation personal loan quote with rates as low as 9.90%
Get Started You can apply with no impact to your credit score

Purchasing a home in Canada while interest rates are on the rise can be tough, and doing so with one income can make it more challenging. But, there are cities in Canada that are more affordable for single-income households. 

Determining The Most Affordable Cities For Single-Income Buyers

Zoocasa analyzed markets across Canada to determine which cities are best for single-income households. The average and benchmark home prices were sourced from the Canadian Real Estate Association (CREA) and regional real estate boards to determine which markets were the most affordable. To determine the minimum income required to qualify for a mortgage on the average home, we assumed the buyer would make a 20% down payment and receive a mortgage with the current average interest rate of 5.14% amortized over 30 years. Those findings were then compared to median income data of “persons living alone who earned employment income” as reported by Statistics Canada in their latest available census data from 2020.

The Most Affordable City

Regina is the most affordable major city in the country for those on a single income. A buyer earning the median income in the area of $58,000 would qualify for the purchase of an average-priced home, which is significantly below the national average of $322,800. The required income is around $5,000 higher than that required to buy a home. Townhouses and condo apartments are the most affordable options for buyers here. Buying a home on a single income in Canada right now looks to be very difficult unless you’re earning well above the median income. Townhouses and condo apartments are the most affordable option.

Other Cities That Are More Affordable For Single-Income Buyers

Other areas where you can buy on a single income are St John’s, Lethbridge, Saint John, and Edmonton. In Saint John, the median income of $48,000 would be just enough to afford the average home, currently priced at $289,500. This number is heavily influenced by the cost of a condo apartment, sitting at $221,500. Saint John and Regina are the only two cities where the average median income was greater than the actual income required to buy a home.

In St John’s, a buyer making the average income of $50,400 could purchase a townhouse or condo apartment, costing $276,700 and $215,000 respectively. The income required is slightly short of what is needed to buy the average home. The same can be said in Lethbridge, where the average income of $51,200 is just over $5,000 short of the average required income to purchase a detached home, but townhouses and apartments are still affordable in that price range. In Edmonton, the average income of $59,600 is a little shy of the income required for the average home detached home, but townhouses, costing $256,400, and apartments, costing $191,400, are great options.

Calgary, Winnipeg, and Saskatoon are the last three major areas on the list. In Calgary, the average price of a condo apartment is $289,600 in Calgary, making it a viable option for single-income buyers earning the median income. The same goes for Winnipeg and Saskatoon, where condo apartments are $231,200 and  $219,800 respectively. 

Bottom Line

Regardless of where you choose to buy, it’s important to work with a real estate agent that can help you understand your options and the most affordable markets for your financial needs. If you’re ready to begin your home search, download the free Buyer’s Guide to get you started.

Zoocasa avatar on Loans Canada
Zoocasa

Zoocasa helps Canadians find the home of their dream faster. Consumers can search anywhere, anytime. Explore the homes for sale in a specific neighbourhood or even hire a real estate agent, all through the Zoocasa website or on their mobile app.

More From This Author

Special Offers

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2024/10/Cottage-mortgage.png
How To Get A Mortgage On A Cottage In Canada: The Ultimate Guide

By Sean Cooper
Published on October 1, 2024

From larger down payments to passing the stress test and understanding the tax implications, there’s a lot to consider when buying a cottage.

https://loanscanada.ca/wp-content/uploads/2020/11/Buying-House-Consumer-Proposal.png
Can You Get A Mortgage While In A Consumer Proposal?

By Jessica Martel

Are you currently in the middle of a consumer proposal but thinking about buying a home? This is everything you need to know.

https://loanscanada.ca/wp-content/uploads/2024/09/Shortsale.png
What Is A Short Sale In Canada?

By Lisa Rennie

What is a short sale, when does it occur and what are the financial repercussions?

https://loanscanada.ca/wp-content/uploads/2024/09/senior-care-heloc.png
Can You Use Your Home Equity To Pay For Long-Term Senior Care?

By Lisa Rennie

While some seniors have enough savings to cover long-term care, others do not. Find out how you can finance these costs, including using your home equ...

https://loanscanada.ca/wp-content/uploads/2024/09/Using-a-HELOC-to-buy-a-car.png
Can You Use A HELOC To Buy A Car In Canada?

By Lisa Rennie

If you could use a HELOC to buy a car instead of a car loan, should you use it? Find out if using a HELOC to buy a car is a good option for you.

https://loanscanada.ca/wp-content/uploads/2024/08/Pay-mortgage-with-credit-card.png
Can You Pay Your Mortgage With A Credit Card?

By Jun Ho

Want to pay your mortgage payments via your credit card? Find out how and what are the benefits and drawbacks to it.

https://loanscanada.ca/wp-content/uploads/2024/08/Down-payment-proof.png
Mastering The Down Payment Game In Canada: Your Complete Guide To Stress-Free Home Buying

By Sean Cooper

Do you have enough saved for a down payment? Even if you do banks may not accept it. You have to prove you have the money and that it’s legit.

https://loanscanada.ca/wp-content/uploads/2019/07/Historical-mortgage-rates-canada.png
Canadian Mortgage Rate History

By Lisa Rennie

Ever wonder how the mortgage rates you're offered today compare to the ones offered years and even decades ago? Check out the historical mortgage rate...

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card