Do You Have Enough of a Down Payment to Buy a Home in These 15 Canadian Cities?

How much money do you have to have saved to buy a home? The answer to that question depends upon a variety of variables, particularly when it comes to where you live. Zoocasa examined 15 different Canadian housing markets, looking at the median home price and median income in those cities in order to calculate how much cash you’d need to save up in order to purchase a home. The results may surprise you!

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1. Greater Vancouver, BC

Average Home Price:

$993,300
Median Household Income (Before Tax): $72,662
Maximum Mortgage Affordability (Based on Median Income): $241,994
Down Payment Required for Remainder of Home Price: $751,306
Years to Save for a Down Payment (Based on Saving 20% of Income): 52 years
Related: Canadian Housing Markets That Have Nearly Doubled in 5 Years

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2. Fraser Valley, BC

Average Home Price:

$823,300
Median Household Income (Before Tax): $69,289
Maximum Mortgage Affordability (Based on Median Income): $247,404
Down Payment Required for Remainder of Home Price: $575,896
Years to Save for a Down Payment (Based on Saving 20% of Income): 42 years
Related: Do These Canadian Real Estate Markets Favour Buyers or Sellers? The Results Will Surprise You

Unsplash/Jorge Vasquez

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3. Greater Toronto, ON

Average Home Price:

$802,400
Median Household Income (Before Tax): $78,373
Maximum Mortgage Affordability (Based on Median Income): $300,174
Down Payment Required for Remainder of Home Price: $502,226
Years to Save for a Down Payment (Based on Saving 20% of Income): 32 years
Related: Here’s How Long It’ll Take to Sell a Home in These 20 Canadian Markets

Pixabay/Jondalar Scchnurr

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4. Victoria, BC

Average Home Price:

$693,000
Median Household Income (Before Tax): $70,283
Maximum Mortgage Affordability (Based on Median Income): $271,185
Down Payment Required for Remainder of Home Price: $421,815
Years to Save for a Down Payment (Based on Saving 20% of Income): 30 years
Related: The Most Profitable Places to Own a Vacation Rental Property in Canada

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5. Hamilton-Burlington, ON

Average Home Price:

$613,900
Median Household Income (Before Tax): $75,464
Maximum Mortgage Affordability (Based on Median Income): $310,732
Down Payment Required for Remainder of Home Price: $303,168
Years to Save for a Down Payment (Based on Saving 20% of Income): 20 years

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6. Kitchener–Waterloo, ON

Average Home Price:

$528,900
Median Household Income (Before Tax): $77,229
Maximum Mortgage Affordability (Based on Median Income): $332,362
Down Payment Required for Remainder of Home Price: $196,628
Years to Save for a Down Payment (Based on Saving 20% of Income): 13 years

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7. London and St. Thomas, ON

Average Home Price:

$413,484
Median Household Income (Before Tax): $64,743
Maximum Mortgage Affordability (Based on Median Income): $280,114
Down Payment Required for Remainder of Home Price: $133,370
Years to Save for a Down Payment (Based on Saving 20% of Income): 10 years
Related: This is the Income Required to Own a Home in Canada’s 13 Hottest Real Estate Markets

Unsplash/Andrew Welch

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8. Montreal, QC

Average Home Price:

$369,500
Median Household Income (Before Tax): $61,790
Maximum Mortgage Affordability (Based on Median Income): $270,107
Down Payment Required for Remainder of Home Price: $99,393
Years to Save for a Down Payment (Based on Saving 20% of Income): 8 years

Unsplash/Clem Sim

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9. Ottawa, ON

Average Home Price:

$431,600
Median Household Income (Before Tax): $86,451
Maximum Mortgage Affordability (Based on Median Income): $396,639
Down Payment Required for Remainder of Home Price: $46,887
Years to Save for a Down Payment (Based on Saving 20% of Income): 3 years

Unsplash/Patrick McVey

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10. Calgary, AB

Average Home Price:

$420,500
Median Household Income (Before Tax): $99,583
Maximum Mortgage Affordability (Based on Median Income): $415,454
Down Payment Required for Remainder of Home Price: $21,025
Years to Save for a Down Payment (Based on Saving 20% of Income): 1 year
Related: Here’s What $500K Can Buy Throughout Canada

Pixabay/David Mark

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11. Edmonton, AB

Average Home Price:

$321,300
Median Household Income (Before Tax): $99,447
Maximum Mortgage Affordability (Based on Median Income): $317,444
Down Payment Required for Remainder of Home Price: $16,065
Years to Save for a Down Payment (Based on Saving 20% of Income): 1 year

Pixabay/Graham Hobster

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12. Halifax-Dartmouth, NS

Average Home Price:

$315,423
Median Household Income (Before Tax): $69,522
Maximum Mortgage Affordability (Based on Median Income): $311,635
Down Payment Required for Remainder of Home Price: $15,771
Years to Save for a Down Payment (Based on Saving 20% of Income): 1 year

Pixabay/David Bay

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13. Winnipeg, MB

Average Home Price:

$292,198
Median Household Income (Before Tax): $70,795
Maximum Mortgage Affordability (Based on Median Income): $288,694
Down Payment Required for Remainder of Home Price: $14,610
Years to Save for a Down Payment (Based on Saving 20% of Income): 1 year
Related: This is Where to Buy a House in Canada in 2019

Pixabay/James Nagarbaul

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14. Saskatoon, SK

Average Home Price:

$290,800
Median Household Income (Before Tax): $82,999
Maximum Mortgage Affordability (Based on Median Income): $287,310
Down Payment Required for Remainder of Home Price: $14,540
Years to Save for a Down Payment (Based on Saving 20% of Income): 1 year

Pixabay/David Mark

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15. Regina, SK

Average Home Price:

$267,900
Median Household Income (Before Tax): $84,447
Maximum Mortgage Affordability (Based on Median Income): $264,685
Down Payment Required for Remainder of Home Price: $13,395
Years to Save for a Down Payment (Based on Saving 20% of Income): 1 year
Related: Scott McGillivray Reveals 10 Home-Buying Myths You Need to Stop Believing