Filed Under:  U.S. & World

Is it possible to save for the home in Vancouver?

Contributed by on March 10, 2016 at 6:46 am

According to the last ratings, it is almost impossible to save for your own house in Toronto. So what about Vancouver? Some specialists think it is already impossible.

The new generation that has already begun to think about buying their own property inside Toronto will have to take a huge loan, find very prestigious 24-hours work or to sell a kidney. Still they will have to save their money during years for Toronto. For Vancouver, according to new data, it will last for decades.

National Bank of Canada decided to investigate the opportunities for the possible house owners in Toronto and Vancouver. If the first is hard to get, the second seems like an impossible mission for the most population of Canada.

However, they have found the solution. It is still possible to buy a new house or apartment somewhere in Calgary or Montreal.

The numbers for Toronto and Vancouver are as high as it was recorded back in 2000 year when National Bank admitted the wave of economy crisis.

According to the data of Matthieu Arseneau and Kyle Dahms research, the difference in prices is huge across the Canada.

They gathered the statistics during last 20 years. Montreal houses were the cheapest among others for already 10 years. Calgary began to be affordable not long time ago. However, the situation with Vancouver and Toronto is disturbing.

The prize for condos can be payable. However, it is almost impossible to buy a house.

Specialists have calculated that if you will want to buy a house in Vancouver, you will have to gather money during 31.5 years.  In Toronto, it will probably take 6.5 years and in Victoria 7 years.

Of course, it must be counted, that the payment and the level of life are different for every city. However, these numbers were calculated with that possibility.