Toronto 
National Bank of Canada has released their latest report on housing affordability which details the time period aspiring home buyers need to save for down payment to afford an average house or condo in Canada.
National Bank of Canada’s Housing Affordability Monitor report says housing affordability deteriorated in all the ten markets – Toronto, Victoria, Vancouver, Hamilton, Ottawa, Gatineau, Montreal, Winnipeg, Quebec, Calgary and Edmonton.
The report compares the household income required for 20 per cent down payment to own an average home in 10 of Canada’s cities with a savings rate of 10 per cent pre-tax income.
If you are a new Canadian with no substantial savings or a young adult with no family financial support, it will take decades of savings for a down payment to own a house in Vancouver, Victoria and Toronto.
This is how much you need to earn to afford a home in Canada’s big cities:
Vancouver:
- Average Home Cost: $1,472,563
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- 411 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 84.7% of the average income.
- An annual income of $252,877 is required to afford a home in Vancouver.
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- Average Condo Cost: $655,352
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- 57 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 37.7% of the average income.
- An annual income of $131,975 is required to afford a condo in Vancouver.
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Victoria
- Average Home Cost: $1,026,918
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- 338 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 69.7% of the average income.
- An annual income of $176,349 is required to afford a home in Victoria.
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- Average Condo Cost: $533,119
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- 47 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 36.2% of the average income.
- An annual income of $108,361 is required to afford a condo in Victoria.
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Toronto
- Average Home Cost: $1,146,667
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- 318 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 65.6% of the average income.
- An annual income of $196,913 is required to afford a home in Toronto.
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- Average Condo Cost: $652,308
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- 56 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 37.3% of the average income.
- An annual income of $131,387 is required to afford a condo in Toronto.
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Hamilton
- Average Home Cost: $831,069
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- 78 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 45.9% of the average income.
- An annual income of $165,922 is required to afford a home in Hamilton.
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- Average Condo Cost: $591,432
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- 46 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 32.7% of the average income.
- An annual income of $119,626 is required to afford a condo in Hamilton.
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Ottawa/Gatineau
- Average Home Cost: $618,684
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- 52 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 35.8% of the average income.
- An annual income of $124,891 is required to afford a home in Ottawa/Gatineau.
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- Average Condo Cost: $360,055
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- 25 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 20.8% of the average income.
- An annual income of $73,424 is required to afford a condo in Ottawa/Gatineau.
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Montreal
- Average Home Cost: $492,777
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- 42 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 35.0% of the average income.
- An annual income of $100,489 is required to afford a home in Montreal.
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- Average Condo Cost: $356,443
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- 31 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 25.3% of the average income.
- An annual income of $72,688 is required to afford a condo in Montreal.
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Calgary
- Average Home Cost: $505,171
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- 34 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 28.0% of the average income.
- An annual income of $102,961 is required to afford a home in Calgary
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- Average Condo Cost: $246,919
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- 17 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 13.7% of the average income.
- An annual income of $50,353 is required to afford a condo in Calgary.
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Edmonton
- Average Home Cost: $428,613
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- 30 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 24.4% of the average income.
- An annual income of $87,405 is required to afford a home in Edmonton.
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- Average Condo Cost: $224,443
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- 15 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 12.8% of the average income.
- An annual income of $45,770 is required to afford a condo in Edmonton.
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Winnipeg
- Average Home Cost: $369,511
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- 28 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 23.4% of the average income.
- An annual income of $75,352 is required to afford a home in Winnipeg.
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- Average Condo Cost: $230,077
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- 18 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 14.6% of the average income.
- An annual income of $46,918 is required to afford a condo in Winnipeg.
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Quebec City
- Average Home Cost: $330,742
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- 28 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 22.8% of the average income.
- An annual income of $67,447 is required to afford a home in Quebec City.
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- Average Condo Cost: $228,189
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- 19 months of savings with a savings rate of 10 per cent of income for a required down payment of 20 per cent.
- The mortgage payment is 15.7% of the average income.
- An annual income of $46,533 is required to afford a condo in Quebec City.
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