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Real Estate

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

November 26, 2019 Brent Furdyk

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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!

Real Estate

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

November 26, 2019 Brent Furdyk

1. Greater Vancouver, BC

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1. Greater Vancouver, BC
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Photo Credit: Unsplash/Lee RobinsonSource: unsplash.com

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: <a href="https://www.hgtv.ca/real-estate/photos/canadian-housing-markets-doubled-5-years-1933487/" rel="noopener noreferrer" target="_blank">Canadian Housing Markets That Have Nearly Doubled in 5 Years</a>

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

1. Greater Vancouver, BC

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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: <a href="https://www.hgtv.ca/real-estate/photos/canadian-housing-markets-doubled-5-years-1933487/" rel="noopener noreferrer" target="_blank">Canadian Housing Markets That Have Nearly Doubled in 5 Years</a>

Photo Credit: Unsplash/Lee RobinsonSource: unsplash.com
2. Fraser Valley, BC

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2. Fraser Valley, BC
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Photo Credit: Unsplash/Knopka IvySource: unsplash.com

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: <a href="https://www.hgtv.ca/real-estate/photos/buyers-and-sellers-markets-canada-1931345/" rel="noopener noreferrer" target="_blank">Do These Canadian Real Estate Markets Favour Buyers or Sellers? The Results Will Surprise You</a>

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

2. Fraser Valley, BC

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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: <a href="https://www.hgtv.ca/real-estate/photos/buyers-and-sellers-markets-canada-1931345/" rel="noopener noreferrer" target="_blank">Do These Canadian Real Estate Markets Favour Buyers or Sellers? The Results Will Surprise You</a>

Photo Credit: Unsplash/Knopka IvySource: unsplash.com
3. Greater Toronto, ON

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3. Greater Toronto, ON
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Photo Credit: Unsplash/Jorge VasquezSource: unsplash.com

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: <a href="https://www.hgtv.ca/real-estate/photos/how-long-take-to-sell-home-in-canada-1930417/" rel="noopener noreferrer" target="_blank">Here's How Long It'll Take to Sell a Home in These 20 Canadian Markets</a>

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

3. Greater Toronto, ON

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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: <a href="https://www.hgtv.ca/real-estate/photos/how-long-take-to-sell-home-in-canada-1930417/" rel="noopener noreferrer" target="_blank">Here's How Long It'll Take to Sell a Home in These 20 Canadian Markets</a>

Photo Credit: Unsplash/Jorge VasquezSource: unsplash.com
4. Victoria, BC

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4. Victoria, BC
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Photo Credit: Pixabay/Jondalar ScchnurrSource: pixabay.com

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: <a href="https://www.hgtv.ca/real-estate/photos/profitable-vacation-rental-cities-canada-1927603/" rel="noopener noreferrer" target="_blank">The Most Profitable Places to Own a Vacation Rental Property in Canada</a>

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

4. Victoria, BC

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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: <a href="https://www.hgtv.ca/real-estate/photos/profitable-vacation-rental-cities-canada-1927603/" rel="noopener noreferrer" target="_blank">The Most Profitable Places to Own a Vacation Rental Property in Canada</a>

Photo Credit: Pixabay/Jondalar ScchnurrSource: pixabay.com
5. Hamilton-Burlington, ON

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5. Hamilton-Burlington, ON
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Photo Credit: Getty Images

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

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

5. Hamilton-Burlington, ON

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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

Photo Credit: Getty Images
6. Kitchener–Waterloo, ON

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6. Kitchener–Waterloo, ON
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Photo Credit: Getty Images

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

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

6. Kitchener–Waterloo, ON

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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

Photo Credit: Getty Images
7. London and St. Thomas, ON

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7. London and St. Thomas, ON
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Photo Credit: Getty Images

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: <a href="https://www.hgtv.ca/real-estate/photos/income-required-to-own-a-home-in-canadas-hottest-real-estate-markets-1927951/" rel="noopener noreferrer" target="_blank">This is the Income Required to Own a Home in Canada's 13 Hottest Real Estate Markets</a>

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

7. London and St. Thomas, ON

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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: <a href="https://www.hgtv.ca/real-estate/photos/income-required-to-own-a-home-in-canadas-hottest-real-estate-markets-1927951/" rel="noopener noreferrer" target="_blank">This is the Income Required to Own a Home in Canada's 13 Hottest Real Estate Markets</a>

Photo Credit: Getty Images
8. Montreal, QC

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8. Montreal, QC
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Photo Credit: Unsplash/Andrew WelchSource: unsplash.com

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

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

8. Montreal, QC

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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

Photo Credit: Unsplash/Andrew WelchSource: unsplash.com
9. Ottawa, ON

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9. Ottawa, ON
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Photo Credit: Unsplash/Clem SimSource: unsplash.com

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

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

9. Ottawa, ON

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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

Photo Credit: Unsplash/Clem SimSource: unsplash.com
10. Calgary, AB

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10. Calgary, AB
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Photo Credit: Unsplash/Patrick McVeySource: unsplash.com

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: <a href="https://www.hgtv.ca/real-estate/photos/what-500k-can-buy-in-canada-1927050/" rel="noopener noreferrer" target="_blank">Here's What $500K Can Buy Throughout Canada</a>

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

10. Calgary, AB

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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: <a href="https://www.hgtv.ca/real-estate/photos/what-500k-can-buy-in-canada-1927050/" rel="noopener noreferrer" target="_blank">Here's What $500K Can Buy Throughout Canada</a>

Photo Credit: Unsplash/Patrick McVeySource: unsplash.com
11. Edmonton, AB

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11. Edmonton, AB
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Photo Credit: Pixabay/David MarkSource: pixabay.com

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

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

11. Edmonton, AB

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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

Photo Credit: Pixabay/David MarkSource: pixabay.com
12. Halifax-Dartmouth, NS

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12. Halifax-Dartmouth, NS
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Photo Credit: Pixabay/Graham HobsterSource: pixabay.com

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

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

12. Halifax-Dartmouth, NS

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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

Photo Credit: Pixabay/Graham HobsterSource: pixabay.com
13. Winnipeg, MB

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13. Winnipeg, MB
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Photo Credit: Pixabay/David BaySource: pixabay.com

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: <a href="https://www.hgtv.ca/real-estate/photos/where-to-buy-house-canada-2019-1925822/" rel="noopener noreferrer" target="_blank">This is Where to Buy a House in Canada in 2019</a>

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

13. Winnipeg, MB

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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: <a href="https://www.hgtv.ca/real-estate/photos/where-to-buy-house-canada-2019-1925822/" rel="noopener noreferrer" target="_blank">This is Where to Buy a House in Canada in 2019</a>

Photo Credit: Pixabay/David BaySource: pixabay.com
14. Saskatoon, SK

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14. Saskatoon, SK
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Photo Credit: Pixabay/James NagarbaulSource: pixabay.com

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

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

14. Saskatoon, SK

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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

Photo Credit: Pixabay/James NagarbaulSource: pixabay.com
15. Regina, SK

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15. Regina, SK
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Photo Credit: Pixabay/David MarkSource: pixabay.com

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: <a href="https://www.hgtv.ca/real-estate/blog/scott-mcgillivray-home-buying-myths-1924612/" rel="noopener noreferrer" target="_blank">Scott McGillivray Reveals 10 Home-Buying Myths You Need to Stop Believing</a>

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

15. Regina, SK

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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: <a href="https://www.hgtv.ca/real-estate/blog/scott-mcgillivray-home-buying-myths-1924612/" rel="noopener noreferrer" target="_blank">Scott McGillivray Reveals 10 Home-Buying Myths You Need to Stop Believing</a>

Photo Credit: Pixabay/David MarkSource: pixabay.com

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

November 26, 2019 Brent Furdyk

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

1. Greater Vancouver, BC

1. Greater Vancouver, BC

1. Greater Vancouver, BC

2. Fraser Valley, BC

2. Fraser Valley, BC

2. Fraser Valley, BC

3. Greater Toronto, ON

3. Greater Toronto, ON

3. Greater Toronto, ON

4. Victoria, BC

4. Victoria, BC

4. Victoria, BC

5. Hamilton-Burlington, ON

5. Hamilton-Burlington, ON

5. Hamilton-Burlington, ON

6. Kitchener–Waterloo, ON

6. Kitchener–Waterloo, ON

6. Kitchener–Waterloo, ON

7. London and St. Thomas, ON

7. London and St. Thomas, ON

7. London and St. Thomas, ON

8. Montreal, QC

8. Montreal, QC

8. Montreal, QC

9. Ottawa, ON

9. Ottawa, ON

9. Ottawa, ON

10. Calgary, AB

10. Calgary, AB

10. Calgary, AB

11. Edmonton, AB

11. Edmonton, AB

11. Edmonton, AB

12. Halifax-Dartmouth, NS

12. Halifax-Dartmouth, NS

12. Halifax-Dartmouth, NS

13. Winnipeg, MB

13. Winnipeg, MB

13. Winnipeg, MB

14. Saskatoon, SK

14. Saskatoon, SK

14. Saskatoon, SK

15. Regina, SK

15. Regina, SK

15. Regina, SK