The Canadian Provinces Where It Is Easiest To Save For A Home

• Newfoundland and Labrador ranks as the easiest province to save for a house.
• New Brunswick comes in second place while Prince Edward Island follows in third.
• Ontario ranks as the hardest province to save for a house.

Newfoundland and Labrador is the province where it is easiest to save for a house, a new study reveals.

Ranking The Canadian Provinces Based On The Ease Of Saving For A Home

The study, conducted by real estate experts, MetroVancouverHomeSource.com, analyzed nine housing and population data metrics, such as the average house price and the median annual income in each province.

They analyzed a further twenty-three metrics relating to living costs including, average food, public transport, and healthcare costs, and income taxes, to create a ‘Housing Purchase Index,’ which ranked all ten provinces out of 100 based on the ease of saving for a home.

Newfoundland and Labrador

Newfoundland and Labrador was found to be the easiest province to save for a new home, with a score of 85.16 out of 100. The province boasts the highest median household income of $57,410 as well as the second-lowest house prices on average of $291,806. It also has the highest number of private dwellings relative to its population, with 0.53 private homes per capita.

Newfoundland and Labrador offered the lowest average annual childcare costs at $432 and some of the lowest annual costs for education ($888), healthcare ($2,454), vehicles ($1,066), food ($9,435) and household furnishings ($1,999).

New Brunswick

Scoring 66.48 out of 100, the second easiest province to save for a home is New Brunswick, achieving the lowest average house price of $289,785. While New Brunswick had the lowest medium annual income at $38,030, it ranks higher than other provinces due to its relatively low living costs. The province has the lowest annual education and public transportation costs at $877 and $583 respectively, as well as the second-lowest income taxes ($12,308) and household maintenance and repairs costs ($749).

Prince Edward Island

Prince Edward Island ranks third with a score of 66.37 out of 100. The average house price in the province is $388,844, and the median annual income is $39,519. Prince Edward Island has the lowest population of all ten provinces, however it has the third-highest number of private dwellings per capita at 0.49 and the lowest income taxes at $11,853.

Nova Scotia

Fourth on the list, with a score of 58.87 out of 100, is Nova Scotia, with an average house price of $411,784. Nova Scotia has the second-lowest median annual income at $38,420, as well as the second-highest number of private dwellings per capita at 0.49.

Manitoba And Quebec

Scoring 57.38 out of 100 and ranking fifth is Manitoba. The median annual income in the province is $39,120, while the average house price is $360,373. Quebec ranks sixth with a score of 55.82 out of 100. The average house price in Quebec is $483,573, while the median annual income is $41,510.

Saskatchewan and Alberta

Ranking in seventh place and scoring 55.05 out of 100 is Saskatchewan, where the average house price in 2022 was $303,260, and the median annual income is $42,060. Alberta ranks eighth with a score of 43.11 out of 100. The average house prices in the province are $447,444, and Alberta has the second-highest median annual income of all ten provinces at $44,850.

British Columbia

British Columbia scores 21.61 out of 100 and ranks ninth. The province has the highest average house price at $996,460 in addition to high living costs, with the most expensive public transport, healthcare, and education. However, the state has the lowest mortgage insurance premiums on average.

Ontario

Ontario comes in tenth with a score of 20.97 out of 100, making it the hardest province to save for a home. The average house price in the province is a staggering $931,870, while the median annual income is $41,690. Ontario also has high living costs, with high childcare, food, and household maintenance costs. However, the province has the lowest healthcare costs of all ten provinces.

A spokesperson for Metro Vancouver Home Source commented on the findings:

"Canadian housing prices have surged amid a turbulent real estate market. However, this study provides useful information on the most affordable locations, complemented by the yearly median household income and cost of living information, serving as a valuable resource for prospective re-locators and first-time homebuyers.

“Newfoundland and Labrador stands out as the easiest province for those saving for a home, thanks to its high median income and comparatively low house prices. Furthermore, the province's low food, childcare, healthcare and education costs make it an optimal choice for first time buyers who are looking to start a family in the near future.”

Canadian Provinces Ranked From Easiest To Hardest To Save For A Home

Source valuewalk