How many years would you have to save to afford a home in Canada?

So, let’s say you and your partner are saving up for a home in Canada, and you’re trying to figure out whether or not things are affordable in your city. Thanks to a recent Zoocasa report, we now know how Canada’s real estate markets are looking. And, we’ve got good news and bad news.

The good news is that 8 of the 15 cities looked at by Zoocasa could be considered affordable. That means that a median household income can save up for a down payment on a home in less than a decade! Yay! Only 10 years of setting aside 20% of your income! Goodby pizza budget!

Calgary and Edmonton are amongst the most affordable in the country. With combined median incomes hovering around $95-$100K, it would theoretically only take a year to come up with $16 or $20k needed to get the down payment. Not bad at all. Pretty much just long enough to decide on whether you’re going bungalow or multi-level.

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Now, the bad news. Some of the more desirable housing markets come with insane barriers to getting a down payment. The Greater Toronto area, with a combined median income of $78k, requires 32 years of saving in order to get a down payment on a home. You’d be sending the kids off to university just to finally live that sweet, sweet detached life.

But Vancouver is practically double that, with 52 years of saving required. Yikes! Why are things so expensive? Well, with home prices sky high and relatively low incomes, people need a much higher down payment in order to get a mortgage. Start saving from the womb, Vancouver.

If you need us, we will be Regina, buying up all the homes that we can while we wait for an influx of Vancouverites and Torontonians.

You can read the full report on buying a home in Canada here.