ADVERTISEMENT
Your browser is not supported. We do our best to optimize our websites to the most current web browsers. Please try another browser.
Skip to main content

The Most Affordable Cities in Canada for Solo Homebuyers: Report

The Most Affordable Cities in Canada for Solo Homebuyers: Report

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. 

ADVERTISEMENT

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. 



Latest News

Here's what you need to know about Liza Koshy and Orlando Soria's new series.
March 28, 2025
Starting your own herb garden has many benefits – and with these tips, you can do it for $60 or less!
March 28, 2025
Looking for a new roomie? Here are a few essential questions and considerations you should know about.
March 27, 2025
With soaring property prices and the cost of living getting higher all the time, more Gen Zs are recognizing home co-ownership with their...
March 26, 2025
Spring is the perfect time to give your home little updates — here’s how I transformed my shelves for a seasonal touch.
March 25, 2025
From destination weddings to family vacations, here are 10 all-inclusive resorts in Mexico that Canadians love.
March 25, 2025
Need inspiration to transform your bathroom? From adding wallpaper to replacing the shower curtain, it's easy to elevate the bathroom.
March 24, 2025
Want to refresh your living space for 2025? Here are the top design trends to help you create a space you’ll love to come home to.
March 24, 2025
The Baeumler family revisits some of their most defining moments.
ADVERTISEMENT
ADVERTISEMENT
This content is restricted to adults of legal age.
Please enter your birthdate to confirm.
Date of Birth