Hamilton one of the least affordable cities for single-income homebuyers in Canada
Published May 1, 2023 at 4:57 pm
Homeownership remains a distant dream for many new home buyers in Canada and more so for single Canadians. A report released by Zoocasa found that, with rising home and rent prices, owning apartment units in major cities seems to be a growing trend among solo households.
According to the report, out of the fifteen cities, Hamilton is amongst the top 5 least affordable places to buy an apartment. The cost of an apartment in the city is around $521,500 and solo dwellers in the area with a yearly salary of $39,200 would have to save for over eight months to afford the $27,150 minimum down payment.
The nation’s most expensive markets, Vancouver and Toronto, have much higher down payments, meaning solo buyers will have to save their income for more than a year before being able to afford an apartment.
However, when comparing the most affordable cities for first-time homeowners, Edmonton topped the list, as it would take a single buyer earning $42,800 only 2.6 months to save the required $9,155 down payment.
Other affordable markets include Calgary, Winnipeg, and Saskatoon, where median-income earners only need to save for less than 4.1 months to afford the down payment for an apartment.