A down payment on a Toronto house should take 24 years to accumulate A National Bank report suggests you need to make $178,499 annually and save for 289 months to accumulate the down payment By NOW Staff Samuel Engelking The average Canadian would have to save for 24 years to afford a down payment on a house in the Toronto real estate market. That, according to a National Bank report, assumes a household annual income of $178,499. The National Bank report, Housing Affordability Monitor, pegs the price tag for an average non-condo home in the Toronto real estate market at $1,039,438 – or 30.5 per cent above the national average. The report assumes that a household earning the necessary six figure salary would have to save for 289 months at 10 per cent rate in order to accumulate a six per cent down payment.