A survey revealed that the best city in Canada to save for your mortgage would be Quebec.
The Money.ca site conducted a survey aimed at determining the affordability of rent in the country’s largest cities. The survey also looked at the time it takes to save for your mortgage.
It is therefore the city of Quebec which found itself in first position in this ranking, while the cities of Montreal and St. John’s occupy second and third place respectively.
To arrive at such a result, Money.ca specified that the authors of the survey used data from Statistics Canada and the Canadian Real Estate Association (CREA). This data then made it possible to estimate the percentage of income that is allocated to rent.
The same data was also used to estimate the time needed to raise 10% of the cost of a property.
The survey therefore determined that citizens of Quebec spend 21.65% of their income on housing, while the national average is 34.5%.
Regarding Montreal and St. John’s, we are talking about percentages which are 26.3% and 27.74% respectively.
The city of Toronto ranks in very last position, since its residents must spend 48.55% of their income on their rent!
Vancouver (46.07%) and Halifax (40.99%) come just before Toronto with results well above the national average.
When it comes to cities where it is possible to buy a property quickly, Quebec is once again at the top of the list, since savings over 40.77 months (around three and a half years) would be enough to build up 10% of the property value.
Once again, the cities of Vancouver and Toronto find themselves at the bottom of the ranking. While in Vancouver, it is estimated that with an average salary of $44,200 and an average price of $1,193,808, it takes approximately 162 months to raise 10% of the value of the real estate, the study estimates that it takes about 13 years and two months to achieve the same result in Toronto.
