Here's How Much A Down Payment On A House Actually Costs Across Canada
Getting the money together for a down payment house in Canada is going to take some time.
Housing prices in some Canadian cities are simply nuts. Honestly, we’re not sure how anyone can afford to live in places like Vancouver or Toronto these days.
And according to a new report the price just getting your foot in the housing market is simply crazy across the country.
That’s because the cost of just the down payment on a house is high pretty much everywhere.
Now obviously, the average price of a down payment on a house in Canada varies depending on where you live.
Cities are of course the worst for it, and it’s no surprise that Vancouver is number one in terms of price.
The cost? $283,346. Yes. That’s over a quarter of a million dollars you’d need to save just to make a down payment on a home. You could likely just buy a house and not need a mortgage somewhere else in Canada for that money.
Vancouver is so bad that it makes Toronto’s prices look almost reasonable.
The price there is $62,056 on average for the down payment.
Less than half of what Vancouver will cost you.
Mississauga is next, mainly because it’s close to Toronto. It has a cost of $47,621 on average. Brampton is close behind because it’s also near Toronto with a cost of $44,590.
Hamilton is next with a price of $25,628, followed by Calgary at $24,690.
If you’re looking for cities where you can get a serious bang for your buck Montreal and Ottawa seem to be your best bets.
Montreal is the second biggest city in the country yet costs just an average of $24,070.
Our nation’s capital will cost you $19,460.
But if nothing else this confirms what we all basically knew already. Houses are expensive.
Source: Storeys Toronto