Although the real estate market in large metropolitan cities is practically unaffordable, there are a handful of areas where it is still possible to have the illusion of owning a home.
The National Bank of Canada released a new report detailing how much money is needed to buy a home in different cities across the country and how many months you would need to save to make a down payment.
Despite the fact that buying a home is everyone’s dream, in Canada, it turns out to be quite a challenge, because some of its main cities have an overvalued housing market, which is almost impossible to access. Such is the case of Toronto and Vancouver, two cosmopolitan cities, but with sky-high house prices.
“Saving for a down payment has never been worse. Saving for a down payment has never been worse. Saving for the down payment has never been worse, ”the National Bank statement reads.
Toronto
According to the report, a household income of $ 124,335 would be needed to pay for a condo and $ 178,499 for a property other than the condo. If you are saving 10% per month, it would take 51 months to save for a condo and 289 for a non-condo.
Vancouver West
You would need to earn $ 127,663 to buy a condo with 58 months of savings and $ 230,488 to buy a home with a whopping 409 months of savings.
Winnipeg
The investigation revealed that earnings would have to be $ 46,785 for a condo with 19 months of savings and $ 69,664 for a non-condo with 28 months of savings.
Calgary
Calgary is considered one of the best cities in Canada to start from scratch. You need an income of $ 49,622 for a condo and $ 97,923 for a non-condo. Those purchases would require 17 or 33 months of savings, respectively.
Montreal
To own a property in Montreal, your income should be $ 67,750 for a condo with 29 months of savings and $ 91,083 for a house with 39 months of savings.
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