The Bank of Montreal is reporting that the average first time home buyers budget in Canada is in the realm of $316,000.00 dollars. This is up 6% from last year, indicating that real estate prices have risen and people have to adjust to this ever changing market. The average price for first time home buyers last year was around $300,000.00 dollars, as we all know this price will get you a starter home or a small condo in a city like Toronto. Furthermore, the sample study Bank of Montreal had conducted was hand selected from first time home buyers in Vancouver, Toronto, and Calgary in particular and found budgets for these 3 cities were even higher!
Of all the participants in the report, 30% said they expected help from their parents and/or relatives for down payment. The other 60% said they had to make significant changes in their lifestyle to be able to afford their own home without the assistance of others.
Contact Robert Clancy today to find out what your budget for your first home should be with a pre-approval! Your starting point to home buying!