Here's how many years it would take millennials to save for a home in Edmonton

Saving up for your first home can take some serious time, and a new study has revealed that millennials in Edmonton have it easy compared to other major cities in Canada.

Point2 Homes rounded up the time needed to save for a down payment in the 20 largest Canadian cities, and YEG came up near the top of the pack when it came to stashing money away to get the keys to a first home for both young and older millennials.

Looking at young millennials, Edmonton came in 18th place, with an individual income of $48,687 and a starter home price of $194,500.

A 20% down payment works out to be $38,900, which would take four years to save up for.

The top 10 is dominated by spots in Ontario and BC, with Markham, Ontario, taking the top spot with a hefty 15 years needed for millennials to save up for a down payment there.

Point2 Homes

Edmonton bumped up one place to 17th among older millennials, with an individual income of $60,218.

The same 20% down payment would also take 3.2 years to save up for.

The top 10 is once again filled with spots in Ontario and BC, with Markham, Ontario, taking the top spot with a lengthy 11.9 years needed for millennials to save up for a down payment there.

Point2 Homes

The full study, which broke down the time needed to save for a down payment for all generations, can be found here.

For this study, Point2 Homes considered the 20 largest Census Subdivisions (Cities) based on the most recent data from Statistics Canada 2021 Census of Population.

Starter home prices in all 20 cities were considered homes estimated to be priced at half the local benchmark price. The national benchmark home price was sourced from CREA, and the home prices of the 20 most populous cities in Canada were sourced from local MLSs.

The survey was posted on Point2 Homes.com between March and June 2024, and 1,361 people participated, 890 of whom were renters. For this study, only the answers provided by renters were considered.