B.C. cities dominate list of Canada’s most costly markets to buy home on one income

Shutterstock

We all know Vancouver real estate is expensive, so it’s no surprise that the city tops the list of Canada’s most expensive regions in which to buy a home for a single-income earner in a new Zoocasa study.

What may be a little more surprising is that Toronto – also known for having real estate prices that are out of reach for many average income earners – does not come in second. That honour goes to the Fraser Valley.

Of the five least affordable home markets for single-income earners, four of them are in British Columbia; Toronto squeaks in at third, just above B.C.’s Okanagan Mainline region.

Zoocasa calculated a home-price-to-income ratio for the major markets across the country. This figure divides the city’s average home price from February’s Canadian Real Estate Association data by the median incomes from Statistics Canada.

Vancouver’s ratio is 28, using an average home price of $1,071,800 and a median one-person income of $38,164. Fraser Valley follows closely behind with a ratio of 25, while Toronto is a relatively distant third at 19.

The top five most expensive markets in Canada for single-income earners are:

1. Vancouver:

Ratio: 28

Average home price: $1,071,800

Median one-person income: $38,164

2. Fraser Valley:

Ratio: 25

Average home price: $795,100

Median one-person income: $31,568

3. Greater Toronto:

Ratio: 19

Average home price: $751,700

Median one-person income: $39,560

4. Okanagan Mainline:

Ratio: 18

Average home price: $509,545

Median one-person income: $28,900

5. Victoria:

Ratio: 17

Average home price: $642,800

Median one-person income: $37,793

Canada’s most affordable markets for single-income earners are Saint John, with a ratio of 4, Greater Moncton (4), Trois Rivieres (4), Fredericton (6) and Saguenay (6).

Check out the full report here.

ecrawford@biv.com

@EmmaHampelBIV