A new report from the National Bank of Canada has revealed just how much money you need to afford Canadian housing prices across the big metropolitan cities.
Saving for a down payment has never been worse.
National Bank of Canada
In Toronto, you'd need a household income of $124,335 to afford a condo and $178,499 to afford a non-condo. If you're putting away 10% a month, it would take 51 months to save for a condo and 289 for a non-condo.
As for Montreal, your income would need to be $67,750 for a condo with 29 months of saving and $91,083 for a house with 39 months of saving.
Out west in Vancouver, you need to earn $127,663 to purchase a condo with 58 months of saving and $230,488 to purchase a home with a whopping 409 months of saving.
Calgary looks a little more manageable with a necessary income of $49,622 for a condo and $97,923 for a non-condo. Those purchases would require 17 or 33 months of saving, respectively.
In Winnipeg, earnings would need to be $46,785 for a condo with 19 months of saving and $69,664 for a non-condo with 28 months of saving.
In total the report shows these figures for 10 Canadian cities and some sure look a lot more realistic than others.
It's time to start saving!