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<\/p>\nIf saving for a down payment feels like an endless uphill battle, Edmonton is one of the few cities in Canada where that timeline is still relatively within reach.<\/p>\n
A new report from the real estate platform Zoocasa looked at how long it would take an average-income household to save for a down payment in Canada\u2019s largest cities. In Edmonton, it would take seven years and two months, putting YEG in a group of just four Canadian cities where buyers can get there in less than a decade.<\/p>\n
The comparatively shorter timeline comes down to a mix of factors.<\/p>\n
\u201cAffordable detached prices ($571,372) paired with strong average after-tax household incomes make it one of the fastest paths to ownership in the country,\u201d Zoocasa writes.<\/p>\n
\u201cLow development costs and ample land supply help keep prices in check compared to Ontario\u2019s hottest markets.\u201d<\/p>\n
Only one city performed better than Edmonton. In Winnipeg, it will take buyers about six years to save for a down payment. The lower average home price of $456,232 keeps the minimum down payment at around $22,812, making it the fastest path to home ownership.<\/p>\n
After Edmonton, Calgary followed behind at nine years and eight months, followed by Montreal at nine years and 10 months.<\/p>\n
Unsurprisingly, Canada\u2019s most expensive markets saw the longest path to home ownership, but the difference is a literal lifetime, with it taking 76 fewer years to save for a home in Edmonton compared to Canada\u2019s most expensive city.<\/p>\n
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Zoocasa<\/p>\n
In Vancouver, the average is $1,835,900, requiring a minimum down payment of $367,180. With the average income, it would take nearly 84 years to save that amount.<\/p>\n
That means if a 25-year-old began saving five per cent of their after-tax income today, they wouldn\u2019t have enough until they were 109 years old.<\/p>\n
Toronto isn\u2019t far behind. At $1,568,543, the 20 per cent minimum down payment of $313,709 would take 72 years and seven months to save.<\/p>\n
Zoocasa says the average Canadian mortgage is 25 years, meaning in some of these cities, you\u2019d spend nearly as long saving for the down payment as you would paying off the house.<\/p>\n