How many coffees would you need to stop buying to afford a home in Ontario

You’ve probably heard this sentiment before: If you just stopped buying lattes every day, you could afford a house.

However, according to a study done by a real estate company in Toronto, many Ontarians don’t stand a chance with today’s housing market.

As real estate prices continue to soar across Ontario, some Canadians may be looking for unique ways to save up for a new home, like cutting out a daily latte. But according to data from ZooCasa, saving $5.19 a day (national average cost of a latte) may not be enough to move the needle.

Using average home prices across the province, the study calculated how long it would take to save a 20 per cent down payment using just your coffee savings.

In the London-St. Thomas area, where the average home costs $608,500, a 20 per cent down payment sits at $121,700. That means it would take 90 years of coffee shop-free mornings to save enough.

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Meanwhile, in Kitchener-Waterloo, the wait jumps to 106 years, where homes cost an average of $13,800. Over in Hamilton-Burlington, you’d be skipping your morning treat for more than a lifetime, or about 121 years, to cover a down payment of $164,160.

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And in Toronto? The average home costs an estimated $1,060,300, which would require a $212,060 down payment. At $1,350 extra saved a year, you would need to refrain from your daily coffee-shop run for more than 157 years.

Although cutting back on small expenses can help improve saving habits, the study found the latte advice may fall flat.

In cities like Toronto, affordability seems to be less about skipping on your caffeine and a mix of other issues like wages, the ongoing housing crisis and inflation.

However, other cities in Canada found that saving on a latte may actually make a dent in financial savings.

In Regina, one of the most accessible cities for budget-conscious home buyers, an average home price of $321,000 would still take 11 years and 11 months, with a minimum down payment of five per cent.

According to ZooCasa, potential homebuyers should focus on long-term saving strategies, like investing rather than fretting over small expenses like coffee.

So unless you’re planning to give up lattes for the next century, you might be better off sipping your coffee and brewing an alternative savings plan.

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