New data shows homebuyers in cities such as Vancouver and Toronto could be waiting decades to save up for a down payment.
TORONTO -- Skyrocketing housing prices in 2021 are driving up how long it would take for homebuyers to save for a down payment, new data shows.
To save up enough for a down payment for an average home in Canada, it would take just short of six years – or 69 months – if you saved at a rate of 10 per cent of their median pre-tax household income. And, if you live in Vancouver, Victoria and Toronto, it could take decades – assuming you put away 10 per cent of your before-tax household income.
Researchers also found mortgage payments now make up 45 per cent of the income for a representative household, slightly above the average amount needed in 1980.
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