Here's how long you need to save up to buy a condo in Toronto

Here's how long you need to save up to buy a condo in Toronto Toronto TorontoRealEstate RealEstate

, you also might be tempted to invest in the long haul and save up to purchase your own condo apartment instead.

The study also calculated how many months it would take a solo dweller to save up for the down payment, assuming they contribute 100 per cent of their income annually.Zoocasa. The study discovered that Canada's most expensive markets, Vancouver and Toronto, require condo minimum down payments greater than the median after-tax income of single households. This means that solo dwellers must save their income for more than a year before being able to afford a benchmark-priced apartment.Given a yearly after-tax salary of $41,200, solo buyers in Toronto would have to save for 13.2 months in order to be able to afford the $45,370 down payment, according to the report.

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