What does the average first-time homebuyer look like? Who are they? What do they have saved and what will they spend? If you are looking forward to being a first-time homebuyer, chances are you are starting to plan for that purchase today. Purchasing your first home is one of the most exciting experiences you will have in your life, and is one of the largest purchases you will ever make. The act of home buying involves incredible sacrifice in order to save up for the DEPOSIT and finding a home that suits your needs. While everyone is generally on a different path, knowing what the average first-time homebuyer in Canada looks like can help in knowing whether you are ahead of the game or slightly behind.
The Average First-Time Homebuyer in Canada: if you are in your twenties or thirties, thinking about homeownership should definitely be something on your mind. While it may not be something you can afford to do for a number of years, starting to plan immediately will help you. The average first-time homebuyer in Canada has three unique characteristics:
- They are generally in there 20s or 30s. A study of 2,000 first-time homebuyers shows that the average homebuyer is about 29 years old.
- They BUY A HOME valued at $316,100 on average. This number is different in major cities, such as Toronto at $408,300, Vancouver where the average is $506, 500 and in Montreal where the cost is less than the national average at $237, 900.
- On average, a first time homebuyer in Canada has $50,576 to put towards their down payment. This means that the average homebuyer has about 16% of the cost of the home, meaning they need to insure their mortgages with an insurer.
First-Time Homebuyer Statistics:
- About one third (30%) of all first-time homebuyers expect some sort of assistance from their parents or other members of their family with their purchase. In both Montreal and Vancouver, these numbers are significantly higher at about 40%.
- 60% of potential first-time homebuyers have had to delay their plans to buy; with close to 40% of those people saying that the increasing cost of real estate has been the main reason for the delay.
- Most first-time homebuyers (60%) set a fixed budget with a maximum amount they would want to spend on their home, but a third of them would be willing to spend more if they found a dream house outside of their set budget.
The question you need to pose to yourself is—how prepared are you? If you already have a larger deposit saved, perhaps you can invest in a slightly better property. If you are behind, consider services that will help you find the best down payment options.
CENTURY 21 Miller Real Estate Ltd.
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