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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