Vancouver may not be the best place to look for real estate, as the city is the least affordable for single home buyers.
While that may not come as a surprise to many, the brokerage website Zoocasa recently confirmed that information in a study, using data from Canadian Real Estate Association.
Buying property on your own is becoming increasingly popular, with about four million people living alone in 2016.
In fact, single-person households are the most common type today than it ever has been in Canadian history, according to Statistics Canada.
So, Zoocasa looked at 15 regions across Canada to discover where a single person income would go the furthest.
And it shows that a down payment on an apartment is the highest in Vancouver, costing an average of $40,670. A benchmark apartment costs $656,700.
“Should that individual set aside their entire earnings to save for a down payment, it would take them 14.4 months to pull together the needed cash,” states the report.
Toronto is second on the list as least affordable at $30,800 for a down payment. While Victoria comes in third at $26,080. An average apartment in Victoria costs about $510,800.
Saskatoon is the most affordable with an average down payment for an apartment costing $8,475. An apartment in the Prairies will cost less than $200,000.
So, sorry future home buyers – you may need to look outside Vancouver for your new place.
But hey, at least we’re the most walkable city in Canada.
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