$300K earners in Vancouver need 38 years to save up for a home
From the article:
The National Bank of Canada (BoC) has revealed how much it’ll cost you to save for a home in the most expensive city in Canada.
The report, which almost translates to satire with how ridiculous some of the numbers are, is part of the latest Housing Affordability Monitor from the BoC.
One of the key takeaways is that if you’re making $322,245 CAD [$242,000 USD] annually, it will take Vancouver residents approximately 454 months, or nearly 38 years, to save for the required down payment with a saving rate of 10%.
That means if you’re 28 today, you’ll have your home by age 66.




