The high cost of housing in Toronto means a lot of young people have to live with their parents.
The arrangement does have its perks though, the most obvious one being not having to pay rent. For those of you who eventually want to buy a place of your own, Zoocasa crunched some numbers to figure out how long it would take to save up for a down payment.
The answers change according to neighbourhood, and the calculations assume you stay in the same neighbourhood when you eventually leave the nest.
West Hill/Centennial/Scarborough is the lowest-priced option included. The average condo apartment costs $325,223, which would require a minimum down payment of $16,261. Rent for the same type of home in the area is about $2,100 a month. If you live at home instead of paying rent, it would take about 7 months of putting up with your parents, and vice versa, to save for the down payment.
The second cheapest neighbourhood is Malvern/Rouge. The average price to buy is $372,163 — requiring an $18,608 down payment. Considering you would save $2,161 in rent each month, you can be out the door in around 8 months.
Willowridge/Martingrove/Richview is next, with an average price of $429,451 and a $21,473 down payment. Here it would take you about 9 months, with rent being $2,343 a month.
If you live in the city’s high-priced pockets, there’s a good chance you’re never leaving.
The average price of a condo apartment in Yorkdale is $1,193,506 — requiring at least a $238,701 down payment. Even if you avoided the area’s $3,212 average monthly rent, it would take about 74 months to save up.
A similar story plays out in Rosedale/Moore Park. The average price is $1,107,117, so a $221,423 down payment is needed. Because rent is $3,309, it would take about 67 months.
You might eventually be able to scrape together enough money for a down payment in Forest Hill/Oakwood. The average price is $961,755 — requiring a $71,176 down payment. Rent is $2,697 a month, so it would take about 26 months.
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.
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