With home listings on the rise and prices cooling slightly across the Greater Toronto Area, buying a home may seem more possible this spring. But for many would-be buyers, the biggest challenge remains the same: saving enough for a down payment.
A recent report from real estate brokerage Zoocasa breaks down how long it takes Canadians in different careers to save for a 20 per cent down payment—the gold standard that helps reduce mortgage payments, avoids costly insurance, and minimizes debt. The analysis uses 2024 wage data from Statistics Canada and compares it to the average Canadian home price as of April 2025.
Assuming an individual saves 10 per cent of their annual income, the time it takes to hit that 20 per cent savings goal varies widely by career. In high-priced cities like Toronto and Vancouver, that means putting aside well over $150,000 just for the down payment.
Not surprisingly, the fastest path to homeownership is through executive and specialized management positions. With six-figure incomes, professionals in these roles can reach their savings goal significantly faster than others. Meanwhile, workers in fields like education, healthcare, science, and business face a longer timeline—often more than a decade—to save the same amount.
The outlook is even tougher for those earning less than $80,000 a year, including tradespeople and those in technical or engineering-related roles. Zoocasa estimates it could take 17 to 25 years for these workers to save enough. And for Canadians making under $50,000 annually, the timeline stretches to 30 years or more.
The report emphasizes that the down payment, not just income, is the real barrier to homeownership. “While income affects mortgage approval and monthly affordability, it’s the down payment that acts as the real gatekeeper,” the report states. “Someone might earn a good salary and easily afford a mortgage payment, but without a significant savings cushion, they can’t make the leap.”
With few relying on inheritances or family assistance, most Canadians must build this nest egg from scratch—making the dream of homeownership an increasingly distant goal for many, depending on their chosen profession.