![](https://www.ctvnews.ca/polopoly_fs/1.6976186.1721847997!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
Here's how long it takes to save up for a down payment in Ottawa: Report
![house for sale CP A new home is displayed for sale, in Ottawa on Tuesday, July 14, 2020. (THE CANADIAN PRESS/Sean Kilpatrick)](/content/dam/ctvnews/en/images/2022/8/30/house-for-sale-cp-1-6049297-1692831130482.jpg)
It would take five months for a single person earning the average income and living in Ottawa to save the down payment to buy a condominium in the capital, according to a report by ZOOCASA.
The report, released on Tuesday, notes that the average income after tax for a single person in Ottawa is around $50,480. It assumes buyers save 100 per cent of their income.
Based on the Government of Canada requirements, the minimum down payment is five per cent for homes priced at $500,000 or less. While the average price of a condo in the capital is around $418,000, the minimum down payment is $20,925, says ZOOCASA.
This puts Ottawa in the middle between the most affordable and the least affordable cities in Canada, according to the report.
Compared to the least affordable cities, it would take 12 months to save for a down payment in Vancouver and 10 months to save for a down payment in Toronto.
Meanwhile, compared to the most affordable cities, it takes 2.1 months to save for a condominiumin Edmonton, with a down payment of $9,005, reads the report.
Though high interest rates and the rising cost of living are making it difficult for everyone to make ends meet, the pinch might be even harder for single people depending on a single income. An Ottawa woman warns against locking yourself into a mortgage you can’t sustain when things go wrong.
Vanessa Hartmann told CTV News Ottawa she has had her life turned upside down and is now facing bankruptcy after purchasing a home two years ago in Jasper, Ont. along the Rideau River only to lose her good paying job after seven months. At the time, the property was listed for $465,000, but Hartmann says she paid $200,000 over the asking price.
"I want people to know that this is a possibility for anybody, you know, an educated hardworking woman like myself is now faced with homelessness," said Hartmann.
With files from CTV News Ottawa’s Katelyn Wilson
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.5539352.1628465336!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
Alberta calls in army to assist with wildfire situation
Alberta has called in the Canadian Armed Forces to help assist with the worsening wildfire situation in the province.
DEVELOPING Jasper updates: Wildfire moving 'faster than expected' toward townsite
Vehicles and heavy equipment have been seen leaving Jasper National Park throughout Wednesday afternoon.
2 wildfires less than 8 km away from Jasper townsite, some structures impacted in national park
As the evacuation order continues for Jasper National Park, officials confirm that some structures in the park have been damaged by fire, but they can't confirm what those structures are.
Biden says he ended re-election bid to unite party
Insisting that 'the defence of democracy is more important than any title,' U.S. President Joe Biden on Wednesday explained in an Oval Office address his decision to drop his bid for reelection and to throw his support behind Vice President Kamala Harris.
Barrie-Innisfil MPP 'blacked-out' and crashed car into window of child care centre
Staff at a Barrie child care centre say they are frustrated by what they call a local MPP's inadequate response after a car crashed through a window in one of the toddler rooms.
2 Canadians being 'sent home immediately,' removed from Olympic team after drone incident
An analyst and an assistant coach with Canada Soccer are being removed from the Canadian Olympic Team and 'sent home immediately,' according to the Canadian Olympic Committee.
An unwelcome attendee has joined the Paris Olympic Games: COVID-19
After a handful of Australian water polo players tested positive for COVID-19 this week, questions have emerged around how the spread of the disease will be mitigated at the Summer Olympic Games in Paris.
Male, female killed, 2 others injured in 'gun battle' outside Toronto plaza: police
Two people are dead and two others suffered serious injuries following a shooting that police have described as a 'gun battle' outside a plaza in Scarborough, Ont. early Wednesday morning.
Wildfire north of Calgary prompts evacuation alert, highway closures
A wildfire is prompting evacuations and highway closures north of Calgary.