A beachfront escape or a European getaway sounds tempting, but what if that vacation budget could be the key to homeownership instead? With rising living costs and growing concerns about housing affordability, many Canadians are reassessing their financial priorities.<\/p>\n\n\n\n
For some, skipping an annual vacation, an expense that averaged $4,241 per traveler in the past year, according to a 2024 Blue Cross Travel Study<\/a>, could make a meaningful dent in a down payment. But how long would it take to turn travel savings into home equity?<\/p>\n\n\n\n To answer that, Zoocasa analyzed the minimum down payments for single-family homes across Canada, using a 3.89% mortgage rate\u2014one of the lowest currently available, according to Ratehub. By comparing home prices to annual vacation costs, we calculated how many years of forgoing travel it would take to reach homeownership. <\/p>\n\n\n\n In some regions, four years of redirecting vacation funds could be enough to secure a down payment. If you\u2019re looking to buy in Regina<\/a>, Thunder Bay<\/a>, Trois-Rivi\u00e8res, Saguenay, Saint John<\/a>, or Newfoundland and Labrador, skipping a big trip each year could get you into homeownership in approximately the same time it takes to earn a university degree. In these regions, saving less than $4,500 per year could be a significant head start on owning a home.<\/p>\n\n\n\n In Saskatoon<\/a>, Edmonton<\/a>, Winnipeg, Sudbury, and Quebec City, accumulating a solid down payment would take five years of skipped vacations. Meanwhile, Gatineau and Sherbrooke require slightly longer at six years. While giving up vacations may seem challenging, it\u2019s a relatively short-term sacrifice for long-term stability.<\/p>\n\n\n\n Overall, half of the Canadian cities analyzed require six years or less to save for a down payment, making homeownership a realistic goal, especially for people without debt. Combining this strategy with other savings efforts, such as living with roommates longer, picking up a side hustle<\/a>, or cutting non-essential expenses, could further reduce the timeline. <\/p>\n\n\nThe Fast-Track to Homeownership<\/h2>\n\n\n\n
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Cities Where Homeownership Requires a Manageable Sacrifice<\/h2>\n\n\n\n