It’s no secret that households all across Canada are struggling to afford a home right now, even those with a dual income. Options are slim for single-income homes. zoocasa cdnpoli housing realestate realestatenews
provided by the Canadian Real Estate Association, and Statistics Canada’s median income data of “persons living alone who earned employment income,” the report lays out which markets, and which types of housing, are within these buyers’ grasps.
As to be expected, every market in Ontario and British Columbia that was analyzed for the report had a median income below the required amount to purchase the average home. These provinces also saw largest gaps between the two numbers. In Vancouver, for example, the median income is $142,000 below the income required for the average home, priced at $1,223,780. In Toronto, that gap between required and median income is $134,875.
The more affordable markets were found in the prairie provinces and Atlantic Canada where some cities have multiple forms of housing — condo apartments and townhouses — priced with reach of the median income earner. Unfortunately for those with hopes of owning a detached home, none of the 20 markets analyzed were found to be affordable on a single income.Assuming a 20% down payment with a 30-year mortgage with the current average interest rate of 5.
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