You’ve probably heard this feeling: if you stop buying slats every day, you could afford a house.
However, according to a study carried out by a real estate Company in Toronto, many Ontarians have no chance with today accommodation walk.
While real estate prices continue to skyrocket in Ontario, some Canadians can seek unique ways to save for a new house, such as cutting a daily latte. But according to Zoocasa data, saving $ 5.19 per day (national average cost of a latte) may not be enough to move the needle.
Using the average prices of houses in the province, the study calculated the time it would take to save a 20% deposit using only your coffee savings.
In the London-St. The Thomas region, where the average house costs $ 608,500, a deposit of 20% is at $ 121,700. This means that it would take 90 years of morning without coffee to save enough.
Meanwhile, in Kitchener-Waterloo, the wait goes to 106 years, where houses cost $ 713,800 on average. In Hamilton-Burlington, you would jump your morning treat for more than one life, about 121 years, to cover a deposit of $ 164,160.
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And in Toronto? The average house costs around $ 1,060,300, which would require a deposit of $ 212,060. At $ 1,350 more saved per year, you will have to refrain from your daily coffee race for over 157 years.
Although the reduction in small expenses can help improve savings habits, the study revealed that the advice of latte could fall flat.
In cities like Toronto, affordability seems to be less to jump your caffeine and a mixture of other problems such as wages, the current housing crisis and inflation.
However, other cities in Canada have found that savings on a latte can in fact have a financial savings breach.
In Regina, one of the most accessible cities for buyers of budget houses, an average price of $ 321,000 would still take 11 years and 11 months, with a minimum deposit of 5%.
According to Zoocasa, potential buyers should focus on long -term savings strategies, such as investment rather than small expenses such as coffee.
So, unless you plan to give up slats for the next century, you could be better by sipping your coffee and preparing an alternative savings plan.
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