Spending on restaurants takes a bite out of ability to save for a home
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It points to Statistics Canada data showing households spend on average about $3,351 annually on dining out and delivery, or about $65 a week.
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The national realty firm then compared how many years, based on that sum, it would take if a first-time buyer instead saved the money for a down payment to purchase the average-priced home.
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In Calgary, it would take about 40 years to save about $133,000, or roughly 20 per cent of the average priced home of about $667,000.
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That's slightly above the national average of 41 years to come up with about $138,000 for a down payment for the average priced home in Canada of about $666,000.
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If that seems like a long time, consider Greater Vancouver, where the average price exceeds $1.268 million. There, it would require a buyer to go without restaurant visits and takeout for 76 years to come have a 20 per cent down payment of about $254,000.
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Zoocasa notes that giving up this discretionary expense can help individuals save more for a down payment, but the strategy is obviously not sustainable or practical.
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