A new report highlights how different careers in Canada can accelerate your journey to saving for a home down payment.
With the Greater Toronto Area seeing more listings and lower prices this spring, the dream of homeownership seems within reach for many. However, the challenge of saving for a 20% down payment remains a significant hurdle for most buyers.
Why a 20% Down Payment?
- Lowers mortgage payments
- Eliminates the need for costly mortgage loan insurance
- Reduces the total loan amount
The Fastest Path to Savings
- Executive and specialized management roles with six-figure salaries can significantly reduce the time needed to save.
- Health, education, science, and business professionals may need over 10 years to reach the 20% threshold.
- Trade and technical roles, especially in engineering, offer solid wages but require 17 to 25 years of saving.
- Those earning less than $50,000 could face a 30-year saving period.
The Down Payment Dilemma "While income affects mortgage approval and monthly affordability, it’s the down payment that acts as the real gatekeeper," Zoocasa notes. Without a significant savings cushion, entering the housing market remains out of reach for many, especially first-time buyers or single-income households.
For more insights, check out the full Zoocasa report.
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