If you're like most people in Alberta, you're prepared to spend more than the Canadian average in order to buy a home. According to a new report issued by BMO, called The First-Time Home Buyer's Report, the average that the first time Canadian buyer is planning to spend on their purchase is $300,000. People here in Alberta have loftier goals and expect that they'll be spending $406,000 for their first property.
In British Columbia the average was $384,000 while it was even lower in Ontario at an average of $326,000.
The report also goes on to say that 63% of the first-time homebuyers have had to cut back on their budget in order to save for the down payment while 27% expect either their parents or another member of the family to help out
…