The best residential destinations for single-income households

While Canadian residential property prices have trended upward in recent years, home ownership on a single income is still very much within the realm of possibility, according to the latest report from real estate portal Zoocasa.

In its most recent study, Zoocasa calculated the home-price-to-income ratio – that is, the indicator of how long it would take an owner to fully pay off their home if they contributed 100% of their annual income to shelter costs – in Canada’s major markets.

Data was culled from February numbers provided by the Canadian Real Estate Board and the median household income from Statistics Canada. A higher ratio means a longer payment timeline.

Read more: End-users flooding condo market to detriment of renters

The 5 Most Affordable Home Markets

 

Rank 5: Saguenay

Home-price-to-income ratio: 6

Average home price: $161,587

Median one-person income: $29,125

 

Rank 4: Fredericton

Home-price-to-income ratio: 5

Average home price: $179,981

Median one-person income: $34,724

 

Rank 3: Trois-Rivieres

Home-price-to-income ratio: 4

Average home price: $153,591

Median one-person income: $34,745

 

Rank 2: Greater Moncton

Home-price-to-income ratio: 4

Average home price: $174,800

Median one-person income: $39,456

 

Rank 1: Saint John

Home-price-to-income ratio: 4

Average home price: $171,596

Median one-person income: $39,163

 

The 5 Least Affordable Home Markets

 

Rank 5: Victoria

Home-price-to-income ratio: 17

Average home price: $5642,800

Median one-person income: $37,793

 

Rank 4: Okanagan Mainline

Home-price-to-income ratio: 18

Average home price: $509,545

Median one-person income: $28,900

 

Rank 3: Greater Toronto

Home-price-to-income ratio: 19

Average home price: $751,700

Median one-person income: $39,560

 

Rank 2: Fraser Valley

Home-price-to-income ratio: 25

Average home price: $795,100

Median one-person income: $31,568

 

Rank 1: Greater Vancouver

Home-price-to-income ratio: 28

Average home price: $1,071,800

Median one-person income: $38,164

 

 

 

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