If you want to speed up home ownership, look to cities like Calgary, Regina, Winnipeg or Halifax, Zoocasa says

Would take 42 years to save for an $825,000 home with income of just over $69,000 per year in Fraser Valley: report

Report says it'll take 52 years to save for typical home in Greater Vancouver for households making income of about $70k

METRO VANCOUVER (NEWS 1130) – Saving up to a buy a home isn’t getting much easier in Metro Vancouver where, even with prices dropping, it could still take you decades to sock away enough for the purchase.

According to a report from Zoocasa, it now takes 52 years to save for a typical home in Greater Vancouver for households making a typical income of just over $70,000.

“In Greater Vancouver, where the benchmark home price costs $993,300, a median-income household earning $72,662 would qualify for a mortgage of only $241,994, leaving a shortfall of $751,306 – a total of 76% of the total purchase price,” reads the report. “That would take a household setting aside 20% of their income annually a total of 52 years to save the required funds”.

It is a little better in the Fraser Valley where the online brokerage suggests it would take 42 years to save for an $825,000 home while making an income of just over $69,000 per year. Folks in Toronto tend to make more money and homes prices aren’t quite as crazy so the figure is 32 years for the GTA.

If you want to speed up home ownership, look to cities like Calgary, Regina, Winnipeg or Halifax where it takes only a year to save for a typical home on a typical income.

-With files from Dean Recksiedler