Saving for a home in Calgary is 74 years faster than in Vancouver

While saving for a down payment can feel like a tough task, Calgary is still one of the few cities in Canada where it remains within reach.

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’s largest cities. 

In Calgary, it would take nine years and eight months, putting the city in a group of just four Canadian cities where buyers can reach that goal in less than a decade.

Calgary had the highest median after-tax household income, but thanks to rising prices, it was beaten out by Edmonton and Winnipeg.

“Calgary, despite having the highest household incomes at $100,480, still requires nine years and eight months to save for a detached home priced at $734,300. Rising prices in recent years have pushed timelines higher even as incomes remain strong.”

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Just north of Calgary, it takes over seven years to save for a down payment in Edmonton.

Zoocasa

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.

Canada’s most expensive markets take the longest to save for a down payment, with Toronto needing a whopping 72 years and seven months. Vancouver saw the longest time frame at 83 years 10 months, a whole 74 more years than Calgary. 

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.

That means if a 25-year-old began saving five per cent of their after-tax income today, they wouldn’t have enough until they were 109 years old.

Toronto isn’t 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.

You can find the full report on Zoocasa’s website.

With files from Allison Stephen