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    • The cost of down payments in Canadian cities skyrocketed in 2021, new data shows

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    TORONTO -

    Skyrocketing housing prices in 2021 are driving up how long it would take for homebuyers to save for a down payment, new data shows.

    The (NBC)鈥檚 latest report found that during the second quarter of 2021, housing affordability has worsened by the widest margin in 27 years. The report examined housing and mortgage trends in 10 cities across the country.

    To save up enough for a down payment for an average home in Canada, it would take just short of six years 鈥 or 69 months 鈥 if you saved at a rate of 10 per cent of their median pre-tax household income.

    This marked a notable jump compared to the 57 months of saving at that same rate this time last year.

    And, if you live in Vancouver, Victoria and Toronto, it could take decades 鈥 assuming you put away 10 per cent of your before-tax household income.

    Here鈥檚 a breakdown of how much time it would take to save up for a down payment for an average home or condo, if you saved a tenth of your pre-tax income:

    Vancouver

    • Standing head and shoulders above the other cities, it would take a staggering 34 years 鈥 or 411 months 鈥 of saving to be able to afford a home here.
    • The average home here costs $1.47 million.
    • It would take just under five years 鈥 57 months -- to save up enough for a down payment on an average condo in Vancouver.

    Victoria

    • An estimated 28 years, or 338 months, of saving to make a down payment for a non-condo home, with the total price of a representative home set at $1.03M.
    • It would take 47 months of saving to afford a condo down payment.

    People are framed around the CN tower as they exercise in Toronto on Wednesday, June 2, 2021. THE CANADIAN PRESS/Nathan Denette

    Toronto

    • To save enough for a down payment for a home here would take 26.5 years 鈥 or 318 months.
    • The average home here costs approximately $1.2 million.
    • To afford a condo down payment here would take just under five years, or 56 months.

    Hamilton

    • At a 10-per-cent saving rate, you鈥檙e looking at 6.5 years of saving up to afford a down payment for a home -- and around four years to afford a condo in this city.

    Ottawa/Gatineau

    • Trying to save up a home down payment in Canada鈥檚 capital could take a little over four years.

    People take in the sun on a warm day while looking over the city of Montreal, on Wednesday, March 17, 2021. THE CANADIAN PRESS/Paul Chiasson

    Montreal

    • Saving up a tenth of your pre-tax earnings for 3.5 years would mean you could afford a down payment on a representative home in Montreal
    • The total price tag of a non-condo home sits at $492,777.
    • Trying to afford a condo here could take you just a little more than two and a half years of saving.

    Calgary

    • You鈥檇 need to save up for just under three years 鈥 or 34 months 鈥 to afford a home here, or about half that time to afford a condo.

    Edmonton

    • Potential homebuyers were looking at 2.5 years 鈥 or 30 months 鈥 of saving if you鈥檙e looking to make a down payment on a non-condo home.
    • The average total cost of a non-condo home was $428,600.

    Downtown Winnipeg. (Source: 麻豆影视/Mason DePatie)

    Winnipeg

    • Affording a down payment on a $370,000 home could take homebuyers about 2.3 years worth of saving.
    • Home buyers needed 18 months to save up a down payment on a condo.

    Quebec City

    • The price of a representative home in Quebec鈥檚 capital is $330 742 and it would take the average Canadian household just over two years 鈥 or 28 months -- to save up a down payment.

    Researchers also found mortgage payments now make up 45 per cent of the income for a representative household, slightly above the average amount (43 per cent of income) needed in 1980.

    NBC noted that during most of the past two years, income growth and lower interest rates have been conducive to improving affordability.

    But 2021 has been a stark contrast, the bank said, with home price increases outpacing income growth and mortgage interest rates also rising.

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