First-Time Buyers Expect to Spend $300,000 on First Home with an Average Down Payment of $48,000

BMO Home Buying Report: First-Time Buyers Expect to Spend $300,000 on First Home with an Average Down Payment of $48,000

 

The report also revealed:

 

  • On average, first-time home buyers expect to be mortgage free in 20 years, with 20 per cent estimating it will take between 10-19 years
  • Those planning to enter the real estate market for the first time are twice as likely to choose a fixed rate over a variable rate mortgage (46 per cent versus 20 per cent)
  • Furthermore, first-timers who expect interest rates to stay the same or decrease over the next five years still prefer fixed rate over variable rate mortgages (39 per cent versus 23 per cent)
Average Spend on First Home   Average House Price by Province *
  NS   NB   NFLD   QC   ON   MB   SK   AB   BC
$300,000   $211,772   $156,119   $295,588   $271,912   $392,962   $259,397   $280,915   $378,685   $529,922

http://newsroom.bmo.com/press-releases/bmo-home-buying-report-first-time-buyers-expect-t-tsx-bmo-201304090865166001

Michael Kwok

Michael Kwok

REALTORĀ®
CENTURY 21 New Star Realty Inc., Brokerage*
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