First-time buyers in Alberta expect to spend $406,000 on a home, the highest average in the country, as reported released Tuesday by BMO.
The First-Time Home Buyer’s report said the average amount Canadians planning to buy their first home in the next five years plan to spend is approximately $300,000, with an average down payment amount of $48,000 (16 per cent).
First-time buyers in B.C. expect to spend on average $384,000 and it was $326,000 in Ontario.
The report also found: 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 take a fixed rate over a variable rate mortgage (46 per cent versus 20 per cent); and 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).