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Vancouver ranked the worst city in Canada for a single person to buy a home

A study released by property website Zoocasa February 14 has revealed the best and worst Canadian cities to buy a home on a single person’s income.

 Woman frustrated, surrounded with boxes on a lonely move / ShutterstockWoman frustrated, surrounded with boxes on a lonely move / Shutterstock

To add insult to injury for single Metro Vancouverites this Valentine’s Day, a study released by property website Zoocasa February 14 has revealed the best and worst Canadian cities to buy a home on a single person’s income.

Unsurprisingly, Metro Vancouver came out on top – as the worst city in the country.

Zoocasa found that median single-person annual household income in Metro Vancouver, across all age groups, is $50,271. With an annual income of $139,082 required to buy a home at the region’s benchmark price of $1,019,600, that’s the biggest income-to-price gap in the country.

The affordability assumptions are based on already having a 20 per cent down payment, with a fixed-rate mortgage at 3.29 per cent over a 30-year amortization period.

The income gap is even worse for younger locals, as Metro Vancouver singles aged 24-34 earn a median of $46,308, said the study (although, you would expect that someone in that age group is more likely to purchase a starter condo than a million-dollar home).

Zoocasa found that Greater Toronto was the second-worst city for a single to buy a home, followed by Greater Victoria.

The best city in the country for singles to buy a home was Regina, where an annual income of just $38,798 is needed to buy the average-priced home of $284,424. That’s not the lowest home price in Canada, but in Regina the median singleton’s income is $58,823, which is the largest amount above the income needed to buy the average priced home.

Check out the income-gap rankings of all the major cities in the study, and scroll down for the full list of home prices and median incomes by age groups, below.

single person's income

single person's income