Hoowee! While markets are cooling off just a smidge, a new report has found that housing affordability across the country has hit a ‘generational low’. If you’re wondering how long it takes to afford a home across Canada, then this roundup is for you. There’s quite a bit to unpack to this actually, so let’s get started!

The report comes from the National Bank of Canada, which releases them on a quarterly basis. This go around, they found that the past year’s slide of housing affordability has been the worst in some four decades. What’s more, this is the first time since 1994 that on average, people would need to devote 50% of their income to afford the mortgage on an average home in Canada’s major cities. Not just in the worst offenders, but across the board.

Which isn’t to say that there are no deals to be had, but still, yikes. The report points primarily to increasing interest rates and the rapid rise of home prices over the past year. Plus, we’ll throw in the fact that wage growth has yet to match inflation in Canada these past two years. In a nutshell, things aren’t looking great.

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But now on to the meat of this homeowner sandwich. Just how bad is it out there? Well, let’s take a peek and see! For reference, this list looks at the time people would need to save, if they made the amount required to even qualify for a down payment, and were saving 10% a month for it. For example: if a home costs $500k, and you needed $100k a year to qualify for a $25k down payment, you’d have to save for 2.5 years to get it. That’s how they’re doing the math.

Going off that, here’s how long it takes to afford a home across Canada.

Quebec City

  • Representative Home Price – $356,311
  • Household Income Required – $72,661
  • Months of Saving for a Down Payment – 29

Winnipeg

  • Representative Home Price – $398,295
  • Household Income Required – $81,222
  • Months of Saving for a Down Payment – 30

Edmonton

  • Representative Home Price – $445,295
  • Household Income Required – $90,807
  • Months of Saving for a Down Payment – 31

Calgary

  • Representative Home Price – $533,082
  • Household Income Required – $108,353
  • Months of Saving for a Down Payment – 38

Montreal

  • Representative Home Price – $553,095
  • Household Income Required – $112,220
  • Months of Saving for a Down Payment – 51

Ottawa/Gatineau

  • Representative Home Price – $679,188
  • Household Income Required – $136,580
  • Months of Saving for a Down Payment – 59

Hamilton

  • Representative Home Price – $984,348
  • Household Income Required – $195,534
  • Months of Saving for a Down Payment – 97

Toronto

  • Representative Home Price – $1,328,277
  • Household Income Required – $228,100
  • Months of Saving for a Down Payment – 363

Victoria

  • Representative Home Price – $1,188,394
  • Household Income Required – $204,078
  • Months of Saving for a Down Payment – 382

Vancouver

  • Representative Home Price – $1,660,074
  • Household Income Required – $285,078
  • Months of Saving for a Down Payment – 452

Uhh… yeah. While some of the more affordable cities are pretty reasonable, it would literally take decades to afford a house in others in Canada (cough Vancouver and Toronto cough). Not exactly reassuring for would-be homeowners, we have to admit it.