People that are buying their first home in Canada are getting older according to a new survey. BMO released a new report showing that the average age for purchasing a first home is 36 years old. On the other hand, the majority of people that currently own their home made their purchase before the age of 30.
A lot of people that are making their first purchases in the country are millennials and many have to put off the home buying decision for a number of reasons. A lot of them are carrying a heavy student loan debt that takes them years to pay off before they can even think about saving for a down payment. As well, rising home prices are also slowing down the process.
In the survey, some other interesting statistics about home buyers were also released. Of the first-time buyers, 22% are married, 50% are single and 19% are living common- law with a partner. The survey also showed that these individuals plan to stay in their first home for 15 years on average.
The report indicated that 4/10 of the first-time buyers would have to put off buying their new home due to high housing prices. Another report that was issued by BMO back in March, 2014, also showed that the timeline would be delayed for purchasing a new home due to rising prices and that many first-timers were predicting that their parents would be helping them out with a property purchase.
First-time buyers are now budgeting for a home worth $316,100 on average. In 2013, this number was sitting at $300,000. The average amount that is being saved by first-timers is 16% of the total cost of the home. This means that the average Canadian first-time buyer is attempting to save $50,576 to offer as a down payment for a new home.