Have you been looking for a place to call your own but are worried if you’ll be able to find one within your budget? Well, your luck might be about to change, according to a new report by Zoocasa. For Canadians on a single income and who dream of solo living, apartments are the most popular gateways to dip your toes in the real estate market.
Related: The Best Places to Buy Real Estate in Canada 2023
Zoocasa determined the minimum down payment needed to purchase an average apartment in 15 regions across Canada and compared it to the after-tax single-household median incomes earned in each. Here are the top Canadian cities for buying an apartment on a single income. Happy apartment hunting!
How Much Does an Apartment Down Payment Cost in Canada?
Using prices from the Canadian Real Estate Association (CREA), here is a sneak peek at the most affordable cities and the minimum down payments needed.
- Edmonton, Alberta: $9,155
- Regina, Saskatchewan: $10,410
- Winnipeg, Manitoba: $10,955
- Calgary, Alberta: $15,155
- Moncton, New Brunswick: $15,530
- Montreal, Quebec: $19,445
- Vancouver Island, British Columbia: $20,270
- Ottawa, Ontario: $20,440
The average apartment in Edmonton can go for around $183,100. Talk about a steal!
Related: Where to Live in Alberta Depending on Your Wants and Needs
Canada’s Most Expensive Real Estate Markets
It may be no surprise that big city markets are a bit more difficult for homebuyers, especially if you’re on a single income. Here are the three cities that may be a bit pricier and take longer to save in terms of down payment, which is something to keep in mind.
- Vancouver, British Columbia: $48,740
- Toronto, Ontario: $45,370
- Victoria, British Columbia: $30,810
For buyers looking in Vancouver, you’ll need to save for an average of 13.9 months before being able to pay the minimum down payment. Apartments in this area average $737,400.
Wondering which other cities made the list? Read the full report here.
Photo courtesy of Getty Images.
