Canadian homebuyers are getting some relief, as the national average home price dropped for the third consecutive month in September, to $741,400. Some local markets are seeing the same trend, including the GTA, Greater Vancouver, Montreal and Edmonton. However, average prices in many in-demand markets are still around the $1 million mark.

Zoocasa reported on how long it would take for median-income households to save up the minimum down payment they’d need to buy a home in 15 of Canada’s most affordable cities (determined by the Canadian Real Estate Association’s September 2023 monthly report).

Most cities require 5 years or less of savings for a down payment

It would take the least amount of time to save that down payment in Regina, which averaged about 3.6 years. This isn’t necessarily because it offers the cheapest home prices, but because it has one of the highest median household incomes ($88,000).

Next up are Fredericton and Sault Ste. Marie, both of which require 3.9 years to save for a minimum down payment. They offer the most affordable single-family home prices. Other locations in which buyers need under five years to save include Edmonton, Winnipeg, St. John’s, Greater Moncton, Saskatoon, Saint John, Saskatoon, and Quebec City.

More time and money needed in Ontario

Four of the five Ontario cities analyzed need more than five years to save for a down payment. Sudbury and North Bay needed 5.1 and 5.2 years, respectively, which is the least amount of time.

The most expensive of all markets analyzed was Kingston and area, with an average single-family home price of $565,600. Since the median income in this market is relatively high at $83,000, buyers need to save for about 7.5 years.

Bancroft and area takes the longest

As an area of mostly small towns and rural land, the Bancroft market has the lowest median household income on the list ($57,200), meaning that it would take the longest time to save there for a down payment – 8.1 years to be exact.

Read the full Zoocasa report here.