Saving up for your first home can take some serious time, and a new study has revealed that Gen Z in Edmonton has it pretty good compared to other major cities in Canada.
Point2homes rounded up the time needed to save for a down payment in the 20 largest Canadian cities, and YEG came up as one of the easiest to stash money away to get the keys to a first home for Gen Z.
Edmonton came in 19th place, with an individual income of $21,781 and a starter home price of $194,500.
A 20% down payment works out to be $38,900, which would take 8.9 years to save up for.
The top 10 is dominated by spots in Ontario and BC, with Markham, Ontario, taking the top spot with a whopping 40+ years needed for Gen Z to save up for a down payment there.
Point2Homes
The study also broke down the time needed to save for a down payment for all generations, which can be found right here.
For this study, point2homes considered the 20 largest Census Subdivisions (Cities) based on the most recent data from Statistics Canada 2021 Census of Population.
Starter home prices in all 20 cities were considered homes estimated to be priced at half the local benchmark price. The national benchmark home price was sourced from CREA and home prices for the 20 most populous cities in Canada were sourced from local MLSs.
The survey was posted on Point2Homes.com between March and June 2024, and 1,361 people participated, 890 of whom were renters. For this study, only the answers provided by renters were considered.