Go it alone: Singles are taking on homeownership for themselves

Wednesday, December 9, 2020   /   by Sergey Korostensky

Go it alone: Singles are taking on homeownership for themselves

Calgary is the third best city in Canada for single people to make a date with a mortgage broker.

In July 2020, Canadian online real estate broker conducted an analysis of 50 Canadian cities using metrics that would predict a single person’s ability to afford average home prices in each centre.

Regina and Saskatoon, both with relatively low costs of living, ranked first and second, while Ottawa, a city with higher average incomes, placing fourth. Winnipeg placed fifth, while Edmonton, with stable employment and growth rates, checked in at sixth.

They used data from Canada Mortgage and Housing Corp., Statistics Canada and factored in local market information. Figures from last summer pegged Calgary with an average home price of $467,000 (it’s since dropped to $437,000), a required minimum gross income of $83,000, an unemployment rate of 9.3 per cent (now sitting at 12.6 per cent) and a population growth rate of 14.6 per cent (now a modest 2.25 per cent).

Many of those numbers have wobbled in late 2020, as they have across the country. But singles still make more money on average than non-singles, and the population of singles in Calgary is the third highest in the country. The proportion of singles owning homes is approaching 50 per cent, a growing number. And homes are still moving despite a challenging year and singles, like 27-year-old Priya Boyal, are buying.

Boyal is established in her career as the director of operations for small underground infrastructure construction firm. Knowing she wanted a home of her own someday, she moved in with her parents three years ago so that she could aggressively save her money. She didn’t want a condo, or a townhome or a resale starter property. She’s building a 1,652-square-foot, two-storey home in Belmont on the outskirts of the city.

“I decided to go with a new build because I’m not a handy person. I wanted to be comfortable with everything exactly how I want it with no renovations required,” she says, adding that she wanted something she could grow into over time, with a yard for her dog.

She chose Belmont in the extreme southwest to be close to her parents who live south of the city in Foothills County. 

Brought By Calgary Herald