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Vancouver real estate: How long you'd have to save, and how much you'd have to earn


 
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. ....

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This is how long you need to save to afford a house in Toronto real estate


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. ....

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