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To buy a new house in Ottawa, the average person needs to save three years to make a down payment, according to a report on Wednesday.
If you want to buy an apartment, it will take you about two years to afford the down payment.
Recently, the Affordable Housing report by (National Bank of Canada), the national bank of Canada, surveyed how long Canadians need to save for a down payment on their house, and how much income they have to buy a house.
According to the report, the average price of a residential (house) in Ottawa is 544644 yuan, while the price of an apartment is 338014 yuan.
To buy a house in Ottawa, the combined qualified annual income of a family should be 110587 yuan, while the purchase of an apartment requires a family income of 68929 yuan.
The survey examined how many months it would take for a middle-income family to use 10 per cent of its pre-tax income as a home purchase deposit to reach the minimum down payment (6 per cent) to buy mortgages guaranteed by (CMHC), a Canadian mortgage and housing company.
For example, if your family’s annual income is 110587 yuan and you save 10% of your income every year, it will take 39 months to save 29464 yuan to make a 6% down payment on your house.
If you are buying an apartment, it will take you 22 months to save 10% of your income to make a down payment of 16901 yuan.
At present, the average income of Ottawa families is 90625 yuan, which means that more than half of Ottawa people need more than three years to save money to buy a house.
But compared with other big cities in Canada, Ottawa’s data are already very friendly.
The National Bank of Canada estimates that it will take 408.5 months (about 35 years) for citizens to save a down payment to buy a house in Vancouver, where the average price is as high as $1.3 million.
It takes 289.5 months (about 24 years) to save money to buy a house in Toronto to make a down payment of 207888 yuan.
The report concluded that the accumulation of down payments on homes across Canada has never been worse. Assuming a savings rate of 10% of the median household income, it now takes Canadians 60 months (5 years) to meet the minimum down payment on their homes (about 6%).