Is home ownership on your to-do list? Depending on what cards you’ve been dealt or where you are on your life’s journey, it might be in the cards for you, but how long really, does the Average young adult need to save for a down payment on a house in Alberta?
In hopes of providing clarity, Generation Squeeze has released its 2022 housing affordability report, which explores the gap between home prices in major Canadian cities and the average wage.
By analyzing the yearly earnings of people between the ages of 25 and 34, they were able to determine the length of time that it would take to save for a 20% down payment – and the answer might surprise you.
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According to the non-profit organization, Albertans will have had to save for 9 years while working a full-time job in order to purchase a home under $400k – which was the average price in 2021.
This is 3 years more than their parents and 19 years less than those in the Greater Toronto Area – which was the highest in the country.
“Average home prices would need to fall $31,000 – 7% of the 2021 value – to make it affordable for a typical young person to carry a mortgage that covers 80% of the value of an average-priced home at current interest rates,” they wrote.
As we’re sure you already suspected, Calgary was the most expensive city mentioned in the report, with the average person actually having to save for 10 years – though those in Fort Mcmurray and Edmonton only have to save for 8 and 9 years, respectfully.
Of course, no matter where you live – It’s going to be a long time, so hold on tight and good luck.
Heck – maybe ask your boss for a raise. You deserve it after all!
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