This is how long it will take to save for a starter home in Mississauga

People looking to buy a starter home in Mississauga could be well into their 30s, or even 60s if they are single, before they can afford it.

A depressing report released on Valentine’s Day looks at how long it will take to save for a starter home in cities across Canada.

The report from Point2Homes, an online real estate company, calculates the time it would take an average couple or single person to save up for a down payment.

Unsurprisingly, single people need much more time — another kick in the gut to people who may already be feeling blue on this day celebrating romantic love.

“Couples need up to 27 years to save enough money to buy a home in Canada’s largest cities. But, for single buyers, a lifetime might not be enough,” the report reads.

However, it won’t take 27 years to save for a starter home in Mississauga if you are saving as a couple, according to the report.

The average starter home is set at $502,200 half the composite price in Mississauga, according to the report. This might buy someone a half-decent one to two-bedroom condo in the city.

A detached home is around $1.3 million in Mississauga.

With the $502,200 figure, the report finds an average couple could afford a $268,040 mortgage — this is deemed an affordable mortgage meaning no more than 30 per cent of their income.

This leaves $234,160 to save, which the report estimates will take the couple 12 years and 11 months.

For a single person, the report finds they could only afford a $97,420 mortgage, leaving $404,780 and 45 years to save.

The difference between couples and singles, sadly, is 32 years and one month.

People in neighbouring Oakville, however, have it much harder. Oakville sits sixth in Canada on the list of biggest difference in time to save between singles and couples at an astounding 37 years and 10 months.

See the full report from Point2Homes here.

Lead Photo: Oleksandr P