bravo festival condos in vaughan.How long does it take to deposit a house in 10 major cities in Canada? The latest report from the National Bank of Canada found that soaring house prices over the past year have lengthened the time for buyers to deposit down payments, leading to the biggest deterioration in Canadians’ affordability in 27 years in the second quarter of 2021.Please Visit: bravo festival condos in vaughan to Get Your VVIP Registration Today!
The National Bank of Canada report surveyed housing and loan trends in 10 major cities in Canada.
Now, if you can save 10% of your pre-tax income every month as a down payment on an average family house, you need to save for about 69 months, or nearly six years.
Six years may not sound long, but you know, based on last year’s house prices, the average Canadian family can afford a down payment by saving only 10% of its salary for 57 months. Now the time has been lengthened for a full year. You can imagine the price difference.
Moreover, if you live in metropolises like Vancouver, Victoria and Toronto, the gap may be decades.
If you save 10% of your pre-tax income, here’s how long it will take to buy an ordinary house or apartment to keep the down payment:
Compared with other cities, to afford a family home here, the average person has to save 10% of his salary for 34 years (411 months) before he can afford the down payment, because the average house price here is as high as 1.47 million.
In addition, it takes less than five years, or 57 months, to save enough down payment to buy an ordinary apartment in Vancouver.
It is estimated that it takes 28 years (or 338 months) of savings to make a down payment on a family home in Victoria. In 2021, the average price of housing here is 10.3 million yuan. Apartments require a down payment of 47 months.
It is also difficult to buy a house in Toronto, but it is better than Vancouver. The average price of a family home in Toronto is 1.2 million yuan, and it takes 26.5 years (318 months) for a down payment.
It takes less than five years, or 56 months, to save enough for a down payment on an apartment in Toronto.
If you save 10% of your household income every month, it will take 6.5 years to afford a down payment on a house in Hamilton, while it takes about four years to buy an apartment in the city.
Want to have a home in the capital of Canada? With an average house price of $618684, it takes a little more than four years for a family with an annual income of 120000 to save a down payment on a house.
As the most developed city in Quebec, in Montreal, you need to save 10% of your income for 3.5 years before you can afford a down payment on a house in Montreal, where the average price is 492777 yuan.
To buy an apartment in Montreal, it may take you a little more than two and a half years to make a down payment.
As Canada’s fourth largest city, the house in Calgary is still very affordable, and the average family needs 3 years or 34 months to save enough for a down payment on a house. The apartment only needs a deposit of one and a half years.
If you want to make a down payment on a family home in Edmonton, you may have to consider a 2.5-year or 30-month savings plan. The average house price in this city is 428600 yuan.
The house in Winnipeg sells for about 370000, and buyers need about 2. 3 years to make a down payment. It takes 18 months to buy an apartment.
As the capital of Quebec Province, the price of a house in Quebec City is 330742 yuan, and it takes the average Canadian family a little more than two years (28 months) to save the down payment.
The above is the data of deposit down payment in major urban areas of Canada.
In addition, researchers at the National Bank of Canada found that the average Canadian family needs to spend 45% of its income on mortgage payments, which is slightly higher than the average in 1980 (43% of income).
The National Bank of Canada points out that income growth and low interest rates have helped to increase affordability for most of the past two years.
But the report also says things are getting worse in 2021, with house prices rising faster than income growth and mortgage rates rising.
