Here's What A Down Payment For A House Will Cost You In Canada's Big Cities

Brace yourself, there are some big numbers in here.

Here's What A Down Payment For A House Will Cost You In Canada's Big Cities
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If you're looking to dive into Canada's real estate market, it can be exciting and terrifying at the same time. From the prices of homes across the country to how much money is required for a down payment, there's a wide range that's worth taking note of.

A new report from the National Bank of Canada breaks down the median home prices in some of Canada's big cities as well as how much a down payment costs in each.

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National Bank of Canada

The median home price in Vancouver sits at $1,122,846. Compared to Winnipeg's median of $347,183, it doesn't sound so easy on the wallet. Cities like Toronto, Victoria, and Hamilton also fall in the most expensive category whereas Edmonton, Quebec, and Calgary are on the more affordable end.

When it comes to the cost of down payments, here's what you'd need to save up in each of the cities listed, according to the report:

  • Toronto: $200,052
  • Montreal: $21,381
  • Vancouver: $224,569
  • Calgary: $21,451
  • Edmonton: $19,722
  • Ottawa/Gatineau: $27,529
  • Quebec: $15,401
  • Winnipeg: $347,183
  • Hamilton: $47,057
  • Victoria: $65,363
While the cost of a home varies from city to city, the down payment required is a whole different number to be aware of.
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  • Britanny Burr
    Britanny Burr was a Staff Writer at Narcity Canada, who drove growth within Narcity's Western coverage and readership. Having lived between her hometown, Canmore, Alberta and Calgary, Montreal, Vancouver, and NYC over the past 10 years, she is obsessed with finding the best local hot spots. She holds a B.A. in English and has over six years of professional writing experience as Head Writer and Editor for YUL.Buzz in Montreal, and Creative Copywriter at JAKT in NYC. News by day, poetry by night — the written word is Britanny's nearest and dearest.

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