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

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.