How to Save for a Down Payment in the Hot Toronto Real Estate Market

By Joan Crow - 2016-08-08

In order to save for a down payment in the very hot Toronto real estate market, it would look like you'd have to eat Spam for the entire year, work double shifts all week and live in your parents' basement. At least, this is what it looks like to first-time homebuyers in today's market.

With the average home price in Toronto sitting at $780,000 (according to CityNews) and the Canadian government implementing a new 10 percent down payment rule, it can seem near impossible for potential homeowners to even get their foot in the market. This has many wondering how so many millennials today – known for their high student loan debts, paucity of employment opportunities and lavish spending ways – are even able to afford such exorbita...

Back to Blog