""Those days are gone," Butler said recently at a parliamentary finance committee hearing looking into household debt in Canada. Asked how long it would take someone with a solid, full-time job to save up the minimum down payment on a home today, Butler said that when it comes to the Greater Toronto Area, "the reality is they never could.""
"According to March 2026 figures from the Canadian Real Estate Association (CREA), the national average sale price for a home in Canada was $673,084. That means the minimum down payment required would be just over $42,000. But in the Greater Toronto Area, the average price was $1,017,796, while in Greater Vancouver, it was $1,201,123."
"In Ontario before 2015, a family making $115,000 a year "had a shot" at home ownership, Butler said. They would have to go to places like Ajax, Burlington, Hamilton or the Niagara region to find a single-family home, but they would be able to find something to buy. "Today, a $115,000 income earner, they really can't buy anything.""
Homeownership has become increasingly difficult for individuals earning around $115,000 annually, particularly in the Greater Toronto Area and Greater Vancouver. Ron Butler notes that the ability to save for a down payment has diminished significantly compared to 30 years ago. The national average home price in Canada is $673,084, requiring a minimum down payment of over $42,000. In major urban areas, prices exceed $1 million, making it nearly impossible for single-income earners to afford homes. This trend is spreading to other regions as well.
Read at www.cbc.ca
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