As many prospective buyers struggle to afford homes, new research from Zoocasa is highlighting what median-income earners can afford across each Canadian province. 

Zoocasa shared the findings in a Monday blog post, noting that home ownership is “remarkably difficult” across all provinces and that median incomes were not enough to afford a home anywhere in Canada at benchmark prices.

However, the research highlighted some “hidden gems” across Canada when it comes to homes in an affordable range based on median salaries for that province.

MOST AND LEAST AFFORDABLE PROVINCES 

Newfoundland and Labrador was found to have the highest level of affordability among the Canadian provinces, where the difference between what someone earning the media income could afford and the benchmark price for a home was just over $43,000. 

Prospective buyers in Newfoundland and Labrador with a median income could afford a home worth approximately $246,459, while the provincial benchmark sits at $289,800, the research found.

Ontario and British Columbia were the least affordable provinces, according to Zoocasa’s findings.

In Ontario, the gap between the median income and benchmark price was about $637,000. Ontario homes were priced at about $920,000 on average, while median-income buyers could only afford homes priced up to $283,180. 

In B.C., median-income earners could only afford homes priced up to $277,466, about $722,000 lower than the benchmark price of $998,900. 

However, Zoocasa noted that the gap between median income levels and benchmark prices doesn’t necessarily mean home ownership is out of reach for median-income earners, as there are homes for sale in the range of what those buyers could afford. 

Here is a look at some of the homes listed across Canada within an affordable range for people earning median incomes.

ONTARIO 

In Ontario, Zoocasa highlighted that median-income earners could afford a home in Sault Ste. Marie listed at $229,000. The detached home features three bedrooms and one bathroom but it doesn’t have parking available. 

You can see photos of the home below, courtesy of  Exit Realty True North. 

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ALBERTA 

In Edmonton, median income earners could afford a home priced at $319,900. The townhouse features three bedrooms, two bathrooms and two parking spaces. 

You can see photos of the home below, courtesy of  Yegpro Realty.

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BRITISH COLUMBIA 

In Fort St. John, B.C., the Zoocasa report showcased a duplex unit with three bedrooms and two bathrooms but no available parking. The home would be affordable to median-income earners at a listed price of $260,900.

You can see photos of the home below, courtesy of  Century 21 Energy Realty.

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NEWFOUNDLAND AND LABRADOR

Zoocasa highlighted a home in Newfoundland and Labrador listed for $225,000 that is within an affordable range for median-income earners. Located in St John’s, the detached home features four bedrooms, one bathroom and no parking spaces. 

You can see photos of the home below, courtesy of  3% Realty East Coast. 

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