Be Prepared To Pay A Huge Deposit For GTHA Homes
Let’s Talk Down Payments
If you’re looking to buy a home in the GTA, you are going to need a HUGE down payment. From the prices of homes across the country to how much money is required for a down payment, there’s a wide range of aspects to take into account.
A new report from the National Bank of Canada breaks down the median home prices in some of Canada’s big cities as well as how much a down payment costs in each.
The median home price in Vancouver sits at $1,122,846. Compared to Winnipeg’s median of $347,183, it doesn’t sound so easy on the wallet. Cities like Toronto, Victoria, and Hamilton also fall in the most expensive category whereas Edmonton, Quebec, and Calgary are on the more affordable end.
When it comes to the cost of down payments, here’s what you’d need to save up in each of the cities listed, according to the report:
- Vancouver: $224,569
- Toronto: $200,052
- Victoria: $65,363
- Hamilton: $47,057
- Ottawa/Gatineau: $27,529
- Calgary: $21,451
- Montreal: $21,381
- Edmonton: $19,722
- Winnipeg: $17,359
- Quebec: $15,401
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