Regina has lowest full cost for 1st year of homeownership among prairies, study says
Regina has the lowest full cost for the first year of homeownership among the prairies, according to a recent study.
The study, published by Point 2 Homes on Feb. 27, set out to find the price of being a homeowner in Canada, and highlight Canadian cities where the first year comes cheaper.
A list of the 15 Canadian cities with the cheapest first year of homeownership. (Source: Point 2 Homes)
Of the prairie cities included in the study, the Queen City’s cost for the first year of ownership was the lowest at $88,704, compared to Winnipeg, Man. at $95,125, Edmonton, Alta. at $100,078, and Saskatoon at $102,992.
Alternatively, the cities with the most expensive first year of homeownership were all in Ontario and British Columbia, with the most expensive being Richmond Hill, Ont. at $400,733. Vancouver, B.C. was listed at $331,638 for the first year.
For the study, researchers took the 50 most populous cities in Canada and analyzed data on upfront costs and annual recurring costs.
A list of the 15 Canadian cities with the most expensive first year of homeownership. (Source: Point 2 Homes)
The upfront costs include the down payment plus closing costs, which may include land or property transfer taxes and home inspection fees, according to the study.
The annual expenses include property taxes, homeowners’ insurance, and the mortgage.
Regina’s average upfront cost was listed at an average of $65,124, with an average annual cost of $23,580 for the total of at $88,704, compared to Saskatoon which had an average upfront cost of $76,036 and an average annual cost of $26,956 for the total of $102,992.
A list of the 15 Canadian cities with the cheapest upfront an annual recurring costs. (Source: Point 2 Homes)
The study also looked at years required to save for those upfront costs. To do that, they looked at annual renter income with 20 per cent of income set aside.
For Regina, the study listed six years to cover upfront costs, with the annual renter income at $57,301, and $11,460 set aside.
A list of the top 20 cities with the fest years required to save for upfront costs. (Source: Point 2 Homes)
The study also looked at years to cover the full cost for the first year of home ownership, including annual and recurring costs, such as the monthly mortgage payments, homeowners’ insurance, and property tax.
According to the study, it would take an average of eight years in Regina to cover the full cost of the first full year of homeownership.
More details from the study can be found here.
A list of cities where it takes 10 years or less to cover the full cost of the first year of homeownership. (Source: Point 2 Homes)
CTVNews.ca Top Stories
Things a pediatrician would never let their child do
As summer begins for most children around Canada, CTV News spoke with a number of pediatric health professionals about the best practices for raising kids, and how the profession has evolved since the COVID-19 pandemic.
Should he stay or should he go now? A look at Trudeau's options after byelection loss
A historic defeat for the Liberals in a downtown Toronto byelection has put a glaring question mark on Prime Minister Justin Trudeau's political future. Here's a look at the options Trudeau and the Liberals face as they enter a summer of soul-searching.
Alabama man denied office after winning election reaches proposed settlement to become town's first Black mayor
An Alabama town and a Black man who was prevented from becoming its mayor after winning his 2020 election have reached a proposed settlement, according to federal court documents.
'Why did I have this surgery?' Ont. mother seeks answers after son's tonsil surgery
An Ontario mother said it looked like a horror movie when she flicked on the lights of her son’s bedroom to find him projectile vomiting blood after his tonsils were removed at McMaster Children’s Hospital.
WestJet mechanics issue strike notice for possible job action Friday
WestJet says it faces a possible strike by its mechanics starting as early as Friday.
New experience in Halifax gets people up close and personal to the ocean's most feared predator
Atlantic Shark Expeditions launched a new shark cage experience which gives brave attendees a chance to get up close and personal with the oceans most feared predator.
Many older adults are still taking daily aspirin, even though some shouldn't be, experts say
Some seniors continue to take a daily aspirin in the hopes of reducing their cardiovascular disease risk, even though the practice is only recommended for certain high-risk patients -- and taking it without a doctor's recommendation can come with significant risks.
Flatulent cows and pigs will face a carbon tax in Denmark, a world first
Denmark will tax livestock farmers for the greenhouse gases emitted by their cows, sheep and pigs from 2030, the first country in the world to do so as it targets a major source of methane emissions, one of the most potent gases contributing to global warming.
Ukraine's Zelenskyy scolds officials who shirk their duties in the country's war effort
Ukrainian President Volodymyr Zelenskyy signalled Wednesday that he is getting tough on officials he suspects are shirking their duties in the war with Russia that is now in its third year.