First-time home buyers’ average budget rises to $316,000: BMO

That’s up nearly 6% in a single year.

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by

Online only.

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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.

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.

One comment on “First-time home buyers’ average budget rises to $316,000: BMO

  1. How are these house prices even correlating to the reality of the medium wages of the average Canadian? When you read the REAL statistics of what the AVERAGE Canadian is earning across the country by Canadian authors like Gordon Pape – I just don’t see the connection. The wages are nowhere near these numbers being put out there for the price of a house in Canada? There is a real contradiction here in the numbers! These home prices are so inflated/high and out of whack with what is being paid to Canadian employees across Canada. Is not logical as this pricing pattern does not add up at all. These house prices are a FANTASY not a Reality at all!

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