These 6 Canadian Cities Are The Best Places For Single People To Buy Houses
Buying a home may seem like it's out of reach sometimes, but it all just depends on where you want to live. Canada's real estate market is as diverse as its population, and there are some really affordable locations out there. Even if you're single, it's entirely possible to own a house in some cities.
Data compiled by Zolo offers a look at the best cities for Canadians who are living on a single income.
These ratings are built on average house prices, the median income for one-person households, population growth, unemployment rate, and the gross earnings needed to buy a home.
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Regina, Saskatchewan
If you're living on a single income, then Saskatchewan's capital city might be the right place for you.
Zolo's data shows that it's the most affordable city with an average house price of $290,000 and a median one-person income of $44,600.
With a required gross salary of $52,000 for homeownership, that only leaves an affordability gap of $7,400, the lowest in the country.
Saskatoon, Saskatchewan
Nearby Saskatoon is a little bit more pricey, and has a higher affordability gap than Regina at $26,813.
However, the average house price remains fairly low at just $389,000, and it received high scores both for its high population growth and its low unemployment rate, making it a solid choice for a single professional.
Calgary, Alberta
The home of the famous Stampede is yet another one of the country's best cities for single people who want to buy property.
While a home here has an average cost of $467,000, the median income for a single-person household is also fairly high at just over $52,000.
Its single population is one of the highest in the country, which speaks to the ability of individuals to purchase their own homes in the city.
Ottawa, Ontario
The nation's capital has one of the higher average home prices at $543,000.
However, this is still lower than the national average, and the city ranked well on its median income for one-person households, leaving about a $43,000 affordability gap.
While that may seem rather large, it's still lower than some other markets across the country.
Winnipeg, Manitoba
The surrounding areas of Winnipeg have seen a surge in popularity as more people are working from home, but the city proper is still a great choice for single people.
With the average house price at $353,450, the required income for buyers is $70,000.
While the median single-person income in the city leaves a roughly $32,000 affordability gap, its low unemployment rate still makes it a desirable choice.
Edmonton, Alberta
Edmonton has one of the more reasonable affordability gaps for people looking to own their own home, at just $16,065.
With houses costing somewhere in the neighbourhood of $367,000 and a median one-person income of $47,935, Alberta's capital is an excellent option for the aspiring single homeowner.