Average Canadian salary = $55K. After-tax income (20.5%) = $44K. Rent + utilities in Toronto = $18K (1500/mth). Transportation (TTC) = 2500 (TTC + Ubers). Food & entertainment = $9K (750/mth). Leftover = $14.5K. At this rate, it would take 10 years of saving every penny of this $15K to have enough for a down payment (20%) of an average shoebox condo in Toronto, the price of which will likely appreciate to a minimum of $750,000 in the next 5-10 years. Though a highly simplified model, it proves a simple point - it will take discipline, work, and frugal living for a new graduate working in Toronto to save up to buy a house. This is a not reality for many people, especially if we add student debt, car loans, an emergency fund, or expensive millennial "hobbies" of travelling and dining out.