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.
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.
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
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