{"id":14294,"date":"2019-12-05T10:10:00","date_gmt":"2019-12-05T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14294"},"modified":"2019-12-05T09:31:50","modified_gmt":"2019-12-05T17:31:50","slug":"how-much-you-need-to-earn-save-how-much-you-can-arrofd","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/12\/how-much-you-need-to-earn-save-how-much-you-can-arrofd\/","title":{"rendered":"How Much You Need to Earn &#038; Save? How Much You Can Afford?"},"content":{"rendered":"<p style=\"text-align: justify;\">After a long period of relentless home price increases, affordability is starting to improve in a number of Canada\u2019s most expensive cities. According to the National Bank of Canada\u2019s third quarter Housing Affordability Monitor, the housing affordability composite index has backpedaled to historical averages thanks to a rise in incomes and lower mortgage rates. Still, how much you can afford and how long you\u2019ll be saving for your downpayment varies dramatically from city to city.<\/p>\n<p style=\"text-align: justify;\">Whether you\u2019re moving to a new city or just curious to see how much further your Toronto-earned dollars go just down the highway in Hamilton, we broke down how much you\u2019ll need to earn to afford an average home in Canada\u2019s biggest cities.<\/p>\n<p style=\"text-align: justify;\"><strong>Toronto<\/strong><\/p>\n<p style=\"text-align: justify;\">Income required for a non-condo home : $188,299<br \/>\nAverage price of a non-condo home : $908,785<br \/>\nIncome required for a condo : $117,235<br \/>\nAverage price of a condo : $555,328<\/p>\n<p style=\"text-align: justify;\">To no one\u2019s surprise, Toronto ranks high for pricey Canadian real estate. Saving for a downpayment on a non-condo home takes around eight years and one month at a savings rate of 10 percent in this city. If you simply can\u2019t wait that long, the average condo will take you three years and nine months to save for.<\/p>\n<p style=\"text-align: justify;\"><strong>Hamilton<\/strong><\/p>\n<p style=\"text-align: justify;\">Income required for a non-condo home : $128,581<br \/>\nAverage price of a non-condo home : $611,761<br \/>\nIncome required for a condo : $96,425<br \/>\nAverage price of a condo : $454,359<\/p>\n<p style=\"text-align: justify;\">Homebuyers looking to save but stay close to Toronto have looked to Hamilton over the last few years for affordable-ish family-sized homes. If you\u2019re in the market for a non-condo, saving for a downpayment will take half the time of Toronto, about four years and eight months. Condo-hopefuls have an easier time saving for a downpayment for the average condo, taking two years and 11 months to save for.<\/p>\n<p style=\"text-align: justify;\"><strong>Ottawa-Gatineau<\/strong><\/p>\n<p style=\"text-align: justify;\">Income required for a non-condo home : $95,478<br \/>\nAverage price of a non-condo home : $449,894<br \/>\nIncome required for a condo : $58,733<br \/>\nAverage price of a condo : $276,750<\/p>\n<p style=\"text-align: justify;\">With home prices well below those in other major Ontario cities (we\u2019re looking at you, Toronto and Hamilton), affording a home in Ottawa is much more doable. In less than three years, you can scrape together enough for a downpayment on a non-condo home, or one year and nine months if condo living is more your style.<\/p>\n<p style=\"text-align: justify;\"><strong>Montreal<\/strong><\/p>\n<p style=\"text-align: justify;\">Income required for a non-condo home : $81,494<br \/>\nAverage price of a non-condo home : $384,000<br \/>\nIncome required for a condo : $61,101<br \/>\nAverage price of a condo : $287,909<\/p>\n<p style=\"text-align: justify;\">Montreal homebuyers are benefiting from lower home financing costs and higher incomes along with the historically much more affordable home prices relative to other major Canadian urban centres. Saving for a home will take you exactly three years, or a little less for condos at two years and three months.<\/p>\n<p style=\"text-align: justify;\"><strong>Vancouver<\/strong><\/p>\n<p style=\"text-align: justify;\">Income required for a non-condo home : $219,239<br \/>\nAverage price of a non-condo home : $1,226,762<br \/>\nIncome required for a condo : $127,948<br \/>\nAverage price of a condo : $608,610<\/p>\n<p style=\"text-align: justify;\">It\u2019s tough out there for those house hunting on the West Coast. Luckily for condo-shoppers, Vancouver saw the second largest affordability improvement in the condo market since 2009 in the third quarter. It takes about four years and seven months to save for a condo. For prospective non-condo owners, however, the downpayment saving prospects are pretty bleak \u2014 it would take 31 years and six months to save for the average home.<\/p>\n<p style=\"text-align: justify;\"><strong>Calgary<\/strong><\/p>\n<p style=\"text-align: justify;\">Income required for a non-condo home : $104,111<br \/>\nAverage price of a non-condo home : $490,576<br \/>\nIncome required for a condo : $54,353<br \/>\nAverage price of a condo : $256,111<\/p>\n<p style=\"text-align: justify;\">After years of persistent economic hardship, incomes are rising in Calgary, which means affordability is improving. In just a year and a half, you could scrape together enough for a downpayment on a condo. Non-condo buyers will have to save a little longer, with the average save time just under three years.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/11\/need-earn-buy-average-home-canadas-biggest-cities.html\" target=\"_blank\" rel=\"noopener noreferrer\">Here&#8217;s How Much You Need to Earn to Buy The Average Home in Canada&#8217;s Biggest Cities<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a long period of relentless home price increases, affordability is starting to improve in a number of Canada\u2019s most expensive cities. According to the National Bank of Canada\u2019s third &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/12\/how-much-you-need-to-earn-save-how-much-you-can-arrofd\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-14294","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Much You Need to Earn &amp; Save? How Much You Can Afford? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/12\/how-much-you-need-to-earn-save-how-much-you-can-arrofd\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Much You Need to Earn &amp; Save? How Much You Can Afford? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"After a long period of relentless home price increases, affordability is starting to improve in a number of Canada\u2019s most expensive cities. 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