Search on Narcity
Canada House Prices Require You To Save For 409 Months In One Super Pricey City

If you're considering dipping your toes into the real estate market, understanding Canadian house prices in different cities is a great first step. 

New data from the National Bank of Canada has revealed that saving up for a down payment might take a serious chunk of time, especially in Vancouver. 

Editor's Choice: This Is How Much Money You Need To Make To Afford A House In Different Canadian Cities

$230,488 Household income needed.

The representative home price used for this report is $1,342,184, which is about the average price of a home in Vancouver.

In order to buy this "average" priced home, you or you and your home-buying partner need to earn over $200,000 annually.

If you make that type of money and you're able to put aside 10% of it, it will take you a whopping 409 months to save up for the down payment. 

That's more than 34 years, so we hope you've already got that savings account cooking.* 

If you're looking for something in the condo department, an annual income of $127,633 is needed and you'll have to save for 58 months. 

Meanwhile, over in Winnipeg, you only need to earn $69,664 and save for 28 months to buy a home. For first time home buyers, even that might be a stretch. 

This article has been updated. 

Recommended For You

Loading...