According to a Bank of Montreal Study the average first time home buyers have increased their budget to $316,000.00
This is up almost 6% from an average of $300,000 in last year’s report on first time home buyers.
What is even more interesting is that buyers in Vancouver, Calgary and Toronto real estate have even higher budgets for their first homes.
The numbers from the online interviews conducted by BMO from January 25 – March 6, 2014:
Approximately 30% of the 513 Canadians interviewed online for the study said they expected assistance from parents or family.
Nearly 61% said they have made cuts to their lifestyle to save for their first home.
To view the article from the Globe and Mail Click Here.