This Is How Much Money You Need To Make To Afford A House In Different Canadian Cities

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. 

The data shows how much money you'd need to earn to buy a condo or a home and how many months you'd need to save to make a down payment. 

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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!