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Off the charts: How Canada’s real-estate market defied expectations in the COVID-19 pandemic
Home prices have come roaring back, but saving for a down payment takes longer. The East Coast is hot, but condos and rental apartments are not. This is what a COVID-19 housing boom looks like Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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Illustration by Matthew Billington
When the pandemic hit last March and lockdowns started, many assumed the economic downturn would hammer real estate. People would be thrown out of work, default on their mortgage payments, maybe even lose their homes.
VANCOUVER A recently released report confirms homeownership remains a distant dream for many living in one of Canada s priciest markets. The latest Housing Affordability Monitor, a report issued by the National Bank of Canada, estimated just how much a perspective homebuyer would need to earn to be able to afford the typical home currently on the market in the Metro Vancouver area. The report looks to benchmarks, a metric different than averages, as an indicator for how much a would-be buyer can expect to pay. The bank estimates the price of the representative condo in the Vancouver area – meaning a condo that is typical of what s been available recently – at $633,030.
OTTAWA People dreaming of buying a new house in Ottawa will need to save for three years to cover the down payment, according to a new report. And if you want to buy a condominium, you will need to spend nearly two years saving to put down the down payment. The National Bank of Canada’s Housing Affordability report looks at how long residents will need to save for a down payment, along with the estimated salary homeowners would need to afford it. The report says the median cost of a home in Ottawa is $544,644, while the cost of a condominium is $338,014.
A down payment on a Toronto house should take 24 years to accumulate
A National Bank report suggests you need to make $178,499 annually and save for 289 months to accumulate the down payment By NOW Staff
Samuel Engelking
The average Canadian would have to save for 24 years to afford a down payment on a house in the Toronto real estate market. That, according to a National Bank report, assumes a household annual income of $178,499.
The National Bank report, Housing Affordability Monitor, pegs the price tag for an average non-condo home in the Toronto real estate market at $1,039,438 – or 30.5 per cent above the national average. The report assumes that a household earning the necessary six figure salary would have to save for 289 months at 10 per cent rate in order to accumulate a six per cent down payment.