You Need To Make Over $200K & Save For 409 Months To Afford A House In This Canadian 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.