First-time home buyers in Toronto plan to spend $408,300 on average: BMO

According to a Bank of Montreal report on first-time home buyers in March, 2014, the average budget is $408,300 in Toronto.

A Bank of Montreal report on first-time home buyers says the average budget has increased to $316,100.

That's up nearly six per cent from an average of $300,000 in last year's report on first-time home buyers.

The BMO study says a sample of prospective buyers in Vancouver, Toronto and Calgary had even higher budgets for their first home.

The amount varies by major city. In Toronto it’s $408,300; in Montreal it’s $237,900; in Calgary it’s $363,400; and in Vancouver it’s $506,500.

About one-third (30 per cent) of the 513 Canadians interviewed online for the study said they expected assistance from parents or family.

Nearly two-thirds (61 per cent) said they have made cuts to their lifestyle to save for their first home.

Pollara conducted the online interviews for BMO between Jan. 24 and March 6.

The polling industry's professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

 
 
 
Sabrina Wong

Sabrina Wong

Sales Representative
CENTURY 21 Atria Realty Inc., Brokerage*
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