Can a Single Person Afford a House?

August 17, 2022 | Posted by: Ron Chan

Can a Single Person Afford a House Winnipeg Manitoba

This is unfortunately a commonly asked question for many individuals across Canada in 2022. We don't expect it to change for 2023 as inflation rates continue to rise along with home valuations. However, the query is often steeped in perception versus reality. This is good news for you, the one who typed the words in this article title into Google search. So can a single person afford a house? Yes, you can. It all comes down to the considerations below. Let's review!

How a Single Individual Can Afford to Buy a Detached House in Canada in 2022-23 and Beyond

Invest in the Right City

According to recent data, the annual average earnings of a full-time employee in Canada is just under $55,000. In some markets such as Metro-Vancouver BC, Toronto ON, or even the BC Interior or southern Alberta, a single person cannot afford to buy a house unless they have excellent credit and a very large downpayment (over 25%) at their disposal. While we're making no assumptions about your income (and/or income prospects) it's safe to say that if you live in most major metropolises (or resort communities) buying a house as a single individual can be a challenge with home prices and inflation as they are. If you look towards Canada's most central metropolitan city however, your prospects as a house-owner change significantly. 

At press (Aug 2022) the average price of a single detached family home in Winnipeg MB is around $440,000. While that is up from the $379,000 mark in 2021, $440,000 is significantly lower than what you find for similar properties in other metropolises across Canada. For instance, as of the summer of 2022, Greater Vancouver and Toronto area homes remain to be the most expensive markets, with sales averaging over $1.3 million and $1.25 million, respectively. You may want to join the thousands of other Canadians who are willing to relocate to become a proud owner of their very own house. 

Find Out if You Qualify for First Time Buyer Incentive Programs

Have you done a mortgage calculation on your own? If so, you may have come to the conclusion that you may not be able to afford a house as a single person. However, did you know that there is a good chance that you qualify for one or more first time buyer incentive programs? Theses programs will lower your downpayment requirements and/or your required monthly payments. When you factor in these programs, you will likely find that you can afford to invest in a house in the Greater Winnipeg area. To verify that you qualify, connect to mortgage broker Ron Chan. Call 204.290.9950 today.

Other Ways to Afford a House as a Single Person

In addition to (or as an alternative to) qualifying for first time buyer incentive programs, you can increase your house-purchasing power by getting access to lower unadvertised mortgage rates via traditional or private lenders. There's only one way to make this happen - contact a mortgage broker with established lender relationships that result in 'bulk discounts' for home loans that can be passed on to you. Increase your buying power today to get a mortgage on a house. Call 204.290.9950 for a friendly conversation on how we'll make that happen for YOU.

Other Articles You May be Interested In:

Mortgage for Single Person - What You Need to Know

How to Get a Mortgage as a Single Parent

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