The average first-time buyer in Canada is 29 years old an expects to able to put down $48,000 on the purchase of a $300,000 home, according to a recent poll by the Bank of Montreal. But the study, released Tuesday, also found that price expectations vary widely, depending on where the buyer live.
Buyers in Atlanctic Canada say they expect to spend the lowest in the country with an average of $202,000 on a first home, followed by Quebec with$244,000, Ontario with $326,000, British Columbia with $384,000 and Alberta with $406,000. The sample size used in the Prairies was too low to be included in the survey.
Meanwhile, the data also found Vancouver to the the most expensive city, with first-time home buyers there saying they had to shell out an average of $443,000 for a home, followed by Toronto a $347,000.