Toronto and Vancouver residents need 30 years to save a down payment

toronto-condo

The National Bank of Canada’s latest housing affordability report claims that as prices go up, affordability goes down.

The report further states that it takes around six years for the average Canadian to save for a house. However, if you live in Toronto, that number jumps up to closer to 27.5 years if your annual household income is over 200k.

In Vancouver, the market is even worse and a family making $260k per year would still need to save for 36 years to afford a  detached home.

Condos, on the other hand, are a little more affordable and will only take around five years of saving if you make over 130k.

Source: Livabl_

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