The average Victorian looking to purchase a home in the city can expect to face significant financial challenges, according to a report released by Canadian real estate website Zoocasa.

Based on data from the regional real estate board and Statistics Canada, the report measured which cities in Canada were the best and worst to purchase a home in alone, and Victoria ranked as the third most unaffordable, just behind Vancouver and Toronto.

According to Zoocasa, the average home price in the city is $633,386, which would require an income of $86,400 to provide a hypothetical 20% down payment and take out financing with a 3.29% interest rate amortized over 30 years.

The report found that Victorians’ actual median income falls far short of what’s required at $47,041 – an income gap of $39,359.

The most affordable communities in Canada

Individuals looking to buy a home in the Great White North will have the best luck in Eastern Canada and the Prairie provinces, says Zoocasa.

Regina, Saskatchewan, SK, claimed the top spot for single buyers, with the average priced home costing $284,424 and the median income coming in at $58,823 — $20,025 more than what’s required to finance a property.

The second most affordable city is Saint John, NB, New Brunswick, where someone earning the median income of $42,888 could easily afford the average $181,576 cost of a home.

In third place is Edmonton, AB, our closest neighbour on the top five most affordable communities list. There, the average home price of $338,760 could be covered by the median income of $64,036 with a $17,826 surplus to boot.

The least affordable

Meanwhile, BC and Ontario rank as the two least affordable provinces in the country.

Across the Strait of Georgia, Vancouverites face a staggering average home cost of $1,019,600. Meanwhile, residents of the city earn a median income of $50,721, a massive $88,361 short of what’s required to buy a home.

Just after Vancouver is Toronto, where the average price of a home is $748,328. Most people in Canada’s largest city earn approximately $55,221, roughly $46,858 shy of what’s needed.

The report also found Guelph, Kitchener-Waterloo, London, Montreal, and Ottawa to be unaffordable communities.

Top 5 most affordable housing markets for single home-buyers:

1. Regina

Average home price: $284,44

Income required: $38,798

Actual median income: $58,823

Income surplus: $20,025

2. Saint John

Average home price: $181,576

Income required: 24,769

Actual median income: $42,888

Income surplus: $18,038

3. Edmonton

Average home price: $338,760

Income required: $46,210

Actual median income: $64,036

Income surplus: $17,826

4. Saskatoon

Average home price: $290,736

Income required: $39,659

Actual median income: $55,758

Income surplus: $16,099

5. St. John’s

Average home price: $295,211

Income required: $40,270

Actual median income: $51,964

Income surplus: $11,694

5 least affordable housing markets for single home-buyers:

1. Vancouver

Average home price: $1,019,600

Income required: $139,082

Actual median income: $50,721

Income gap: $88,361

2. Toronto

Average home price: $748,328

Income required: $102,079

Actual median income: $55,221

Income gap: $46,858

3. Victoria

Average home price: $633,386

Income required: $86,400

Actual median income: $47,041

Income gap: $39,359

4. Abbotsford

Average home price: $590,900

Income required: $80,604

Actual median income: $46,714

Income gap: $33,890

5. Hamilton-Burlington