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Couples need up to 27 years to save enough money to buy a home in Canada’s largest cities. <\/strong><\/em><\/p>\n\n\n\n But, for single buyers, a lifetime might not be enough<\/strong><\/em><\/p>\n\n\n\n CANADA:<\/strong> Buying a home is a hurdle race, and the down payment is the first \u2014 and possibly most discouraging \u2014 obstacle. <\/p>\n\n\n\n That\u2019s because, for many, 20% is simply out of reach. For others, even 5% seems utopian. So, what about a 50% down payment? Or even 80%?<\/p>\n\n\n\n Realistically speaking, these are the numbers that potential homebuyers need to contemplate. <\/p>\n\n\n\n In order to get an affordable mortgage \u2014 meaning one that wouldn\u2019t eat up more than 30% of their income \u2014 buyers would have to cover what the loan doesn\u2019t, which could represent much more than the traditional 20% that everyone expects.\u00a0<\/p>\n\n\n\n ADVERTISEMENT:<\/strong><\/p>\n\n\n\n [adrotate banner=”71″]<\/p>\n\n\n\n [adrotate banner=”31″]<\/p>\n\n\n\n In Atlantic Canada\u2019s Cape Breton, NS, the saving timeline gap between singles and couples is among the shortest in the country: With a difference of less than 5 years, the city provides nearly equal opportunities for ownership. However, in Halifax, NS, single homebuyers face a tougher journey, requiring up to 15 years more to save compared to couples.<\/p>\n\n\n\n Whether they\u2019re single or a couple, covering the difference between the home price and the mortgage is an incredible financial effort. <\/p>\n\n\n\n And, based on the 50\/30\/20 rule (where 20% of the income should go toward savings), it\u2019s a lengthy one, as well: It would take years upon long years to save enough to buy a home, so home seekers could rightfully start feeling like homeownership is not an attainable goal.<\/p>\n\n\n\n Plus, speaking in percentages doesn\u2019t even begin to describe the tough conditions in Canada\u2019s most expensive urban centres: In the 16 cities where the benchmark home price is higher than $1 million, even a starter home (priced at half the local composite price) seems out of reach.<\/p>\n\n\n\n ADVERTISEMENT:<\/strong><\/p>\n\n\n\n [adrotate banner=”34″]<\/p>\n\n\n\n [adrotate banner=”192″]<\/p>\n\n\n\n However, a few of Canada\u2019s largest cities are breaking this bleak trend and emerging as real homeownership havens: <\/p>\n\n\n\n There, no matter if they\u2019re single or coupled, first-time buyers have an almost equal chance at becoming homeowners without spending their entire lives saving for their home.<\/p>\n\n\n\n So, which Canadian cities had the shortest saving timeframes for singles and couples? And were there any large urban hubs where single buyers could save up in as little time as couples?<\/p>\n\n\n\n If they want an affordable mortgage, saving enough money to cover the difference between the price of a starter home and the bank loan would take both single and coupled homebuyers quite a few years.<\/p>\n\n\n\n ADVERTISEMENT:<\/strong><\/p>\n\n\n\n [adrotate banner=”93″]<\/p>\n\n\n\n [adrotate group=”6″]<\/p>\n\n\n\n\n
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