Ten Most Affordable Cities In Canada For Single Home Buyers

The past year hasn’t been easy for prospective home buyers. Despite some recent year-over-year price softening in the nation’s hottest markets, the national mortgage stress test, combined with various policies at provincial levels, effectively took a bite out of purchasing power for all Canadians.

Single Home Buyer

This is especially acute for single home purchasers; not only does having two incomes boost affordability, but it also helps satisfy the income and debt servicing requirements mandated by the aforementioned stress test. Those trying to get onto the property ladder solo may have long heard the narrative that it’s next to impossible to do so given these new requirements.

However, according to a recent study conducted by Zoocasa, that’s not the case in the Prairie and Eastern Canadian markets. In fact, 10 cities in these locales can still be considered affordable for single buyers earning a median household income.

The study, which assessed 20 cities for affordability from coast to coast, calculated the minimum income required to purchase the average home in each market, using a 20-per-cent down payment, 3.29-per-cent mortgage rate, and 30-year amortization as criteria. That amount was then compared to actual median income data of “persons living alone who earned employment income” as reported by Statistics Canada.

Markets were then ranked on whether the buyer had an “income surplus” – the amount of financial wiggle room they’d still have after purchasing their home – or an income gap, which indicated they’d be out of range altogether.

Based on these calculations, Regina can be considered the most affordable for single-income buyers, based on an average home price of $284,424, a median income of $58,823 and the greatest income surplus of $20,025. That’s followed by Saint John, where the average home priced at $181,576 could be purchased on an income of $42,888 with $18,038 left over, and Edmonton, where earning $64,036 would net a $17,826 surplus on the average home price of $338,760. The most affordable cities list is rounded out by Calgary, Lethbridge, Winnipeg and Halifax.

Single buyers earning a median income didn’t have much hope in the nation’s priciest markets, however. Vancouver is the least affordable, with an average home price of $1,109,600, far out of reach of an income of $50,721 to the tune of $88,361.

While incomes and home prices were more attractive in Toronto, buyers still face a steep gap of $46,858, based on a $55,221 income and home price of $748,328. Victoria rounds out the top three, where an average home price of $633,386 is still $39,359 out of range for the median income of $86,400.

Other markets not considered affordable for single buyers include Guelph, Kitchener-Waterloo, London, Montreal and Ottawa.

The study also considered earnings by age group, as purchasing power tends to increase with age. This was the case with Gen Xers (35-44 and 45-54), who enjoy the greatest purchasing power of all single buyers. For example, A Gen Xer purchasing a home in Regina would have an income surplus of roughly $4,000 greater than the average, at $24,215.

Single millennials, however, experienced the weakest purchasing power, especially in the priciest markets; someone between the age of 25-34 earning the median income would fall a whopping $92,774 short on a home purchase in Vancouver.

Upscale Condo For Sale Downtown London Ontario

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Downtown London Ontario Condo Luxury Residence

•  1740 square feet,  2 baths, 2 bdrm apartment “Only 3 residences per floor” – FOR SALE  CAD349,900 . Only $206 per Square Foot
MLS® 168464

One of the nicest locations in downtown London Ontario is the desirable ‘Regency Towers’ at 19 King Street. This spacious two bedrooms plus den residence includes 1,700+ square feet of space and is one of only three units on the entire floor! With 39 residence condominiums in the building, these apartments very seldom come up for sale as 19 King is a minute walk to Harris Park, a few minutes more to the London Museum, Budweiser Gardens, Covent Garden Market, superb restaurants, walking and biking trails and a tremendous serene view of the Thames River.

Having only 39 residences in this beautiful building allows privacy, less clutter, less noise compared to the larger, impersonal 200 plus units in other downtown London apartment buildings.

This apartment residence has two good sized balconies with fabulous views, an updated stylish kitchen and gleaming hardwood floors throughout — two spacious bedrooms including a large master with a walk-in closet and a large master ensuite with a rainfall glass shower. The second bedroom includes beautiful wood built-in shelving & a Murphy Bed, flexible as an office, yet, a guest bedroom as well.

Two convenient storage lockers, as well as two underground parking spaces, window coverings and an electric fireplace, are included. Note: Dogs not allowed.

The amenities that this adult building offers is a saltwater pool, a sauna, a small library, an upscale lobby, a security system and the condo fees include ground and building maintenance, caretaker and cable. Average monthly costs for hydro and gas $90, Roger’s phone ($51.56), not included in condo fees, insurance about $45 and water heater rental approximately $32!

As you can see, the location is prime, the quality and size are there, the safety is superb, and the management is top notch. Why not book your viewing now and then start packing?

A terrific value considering location, views and quantity of units.

Property information

Four Best Cities in Canada For Home Buyers

Growing numbers of first time home buyers are venturing farther in search of an affordable first home. While leading metropolitan cities like Vancouver or Toronto will always be strong draws, they’re challenging markets to crack: in December 2018, the benchmark price of a home hit $1.05 million in Greater Vancouver and $796,800 in Greater Toronto.

Home buying tips

Homebuyers have driven booms in revitalized municipalities like Hamilton, Ont. and Surrey, B.C. These growing cities offer great value for homebuyers seeking more home for their real estate buck – yet their new-found popularity comes with swelling sticker prices.  Are there any exciting cities where you can buy a house for less than the national average of half a million dollars?

Fortunately, yes! Below are examples of four up-and-coming communities that are ideal for new buyers. These cities offer more than just great entry-level real estate: they’re also uniquely beautiful communities to set down roots in.


Kamloops, B.C.

Average 2018 home price: $394,5152

Approximate population: 103,811

Why: This Thompson Valley river town sits in the shadow of mountains, enjoys beautiful weather and has a relaxed, outdoorsy vibe. Kamloops boasts all the millennial must-haves: arts and culture, yoga studios, restaurants and a farmers’ market, plus amazing proximity to hiking, skiing, fishing and snow sports. Kamloops offers the quintessential B.C. lifestyle for a fraction of the cost of Vancouver living.


Halifax, N.S.

Average 2018 home price: $300,8543 (Halifax-Dartmouth)

Approximate population: 403,390

Why: Canada’s East Coast offers amazing value to anyone who’s ready to make the leap. Unlike other Maritime municipalities where job prospects may be suboptimal, Halifax is booming. One of Canada’s top tech hubs, the fast-growing city, enjoys low unemployment, a healthy economy, universities, the Atlantic Ocean and über- affordable real estate. Beaches, culture, a growing food scene are assets.


 London, Ont.

Average 2018 home price: $383,229, that is the average in the London St.Thomas area , you can start with an apartment condominium under $200,000 and a wide range of townhouses and bungalows from $200,000 to $300,000!

Approximate population: 383,437

Why: London is home to Western University and boasts a thriving entertainment and food scene. The Canadian Centre for Policy Alternatives ranks it among Canada’s best cities for women, thanks to its safety, economic security, education, health and leadership opportunities. Nicknamed the Forest City, London has plenty of green spaces to kick back in.

Some London Ontario Neighbourhoods


Guelph, Ont.

Average 2018 home price: $554,326

Approximate population: 131,794

Why: Guelph is a nature lover’s paradise, with two scenic rivers and endless kilometres of recreational trails that meander through forests and parks. It’s low in crime and has long been renowned for its high standard of living, not to mention its laid-back, university-city vibe.

These are just a few examples of the wonderful communities across Canada. And regardless of where you practice real estate, looking beyond big city limits will provide great options for first-timers looking to achieve their dream of homeownership.

The above was prepared by Genworth Canada

Selling A London Ontario Townhouse With A Pre Home Inspection?

Should You Get a Professional Home Inspection Performed Before You Put Your London Ontario Townhouse On The Market?

Home Inspection London Ontario

Getting a home inspected before it goes on the market seems like a strange thing to do at first glance.  Most Realtors don’t even think of having a townhouse or townhome inspected before they list one for sale.  But once you understand how it can benefit you the seller, it turns out to be a very prudent decision.  Here’s why:

  • Home inspections eliminate any “surprises” that can delay or even kill a sale.  They also help the seller negotiate better.  In most cases, the buyer(s) will use weaknesses of the condo  (frequently from an inspection performed after the home is sold conditionally on a home inspection or a status certificate) to negotiate a lower price at a time when the seller is most vulnerable.  Rather than become a victim of such tactics, you can show you’ve already taken their issues into account in determining your price.
  • Getting an inspection before going on the market allows you to understand the real value – knowing what you may need to fix and what you want to leave alone.  It also helps you to price it better and understand what your “net” proceeds will be from a sale.  The strengths and weaknesses of your home are going to be known by the buyer at some point anyhow.  And the sooner you know them, the more you can act to minimize, eliminate, or adjust for them.

Home inspections ensure a faster close by eliminating contingencies and other issues and help provide a problem-free closing.

  • You may also want to order a status certificate BEFORE your condominium is for sale. I would say that 80% of condominium sales in London Ontario are conditional on a status certificate. Again, why not preempt any issues or delays?

Status Report

Receiving an offer for your London Ontario condominium without any conditions will relieve unimaginable stress for both you and the buyer.