{"id":11,"date":"2015-01-28T17:40:38","date_gmt":"2015-01-28T17:40:38","guid":{"rendered":"http:\/\/www.realtorleads.ca\/blog\/?p=11"},"modified":"2015-06-30T14:40:24","modified_gmt":"2015-06-30T14:40:24","slug":"good-news-the-current-buying-trend-is-that-the-average-first-time-home-buyer-is-spending-more","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/good-news-the-current-buying-trend-is-that-the-average-first-time-home-buyer-is-spending-more\/","title":{"rendered":"Good news! The current buying trend is that the average first-time home-buyer is spending more!"},"content":{"rendered":"
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\"\"Good news! The current buying trend is that the average first-time home-buyer is spending more!<\/p>\n

1st-time home shoppers are spending more to get into their first house; while some are putting off the buying decision based on financial considerations; reads a recent report by the Bank of Montreal (BMO).<\/p>\n

The average price spent by Canadian first-time buyers is about $317k, which is significantly up from $300k in 2013. This is according to the Bank of Montreal\u2019s \u201cFirst-Time Home Buyer\u2019s Report 2014\u201d.<\/p>\n

In Vancouver the average homeowner bought in at $506K. Wow! That\u2019s a half million. In Toronto: $408K, Calgary: $308K, and the average Montreal deal is only $237K.<\/p>\n

Ironically, spending has continued to increase, the average down-payment amount has changed little from the previous year at $51K .<\/p>\n

The BMO report also states that about 1\/3rd of first timers wish for parents or other family member to assist in their purchase; a percentage that rises to nearly 40% in Vancouver and Montreal! Understandably…<\/p>\n

So many, about 2\/3rds, have made some drastic reductions to their lifestyle in order to save for their first home. About 60% say their home-buying decisions are being been delayed because of the steep prices, with about 40% mention out-of-reach real estate prices as the main reason.<\/p>\n

As you know from being a real estate agent yourself, saving for a big downpayment is the most critical way to get a foot in the door of the Canadian real estate market. Those planning to buy should be well-prepared and have considered all options available to them.<\/p>\n

The rising prices in the major markets are forcing first-timers to reconsider their first choice of housing. High prices in a few major cities, and the fact that prices are outrunning incomes in Toronto, are turning off some first-time buyers, while forcing others to go deeper into debt, tap their parents for hefty down payments and opt for a condo rather than a detached house. 60% of first-time buyers seem to say to themselves that they will maintain a strict budget 30% are prepared to go higher for premium properties.<\/p>\n

How can you speak to more 1st time buyers? We would like to send you plenty of real estsate leads<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good news! The current buying trend is that the average first-time home-buyer is spending more! 1st-time home shoppers are spending more to get into their first house; while some are putting off the buying decision based on financial considerations; reads a recent report by the Bank of Montreal (BMO). The average price spent by Canadian […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11","post","type-post","status-publish","format-standard","hentry","category-general-topics"],"yoast_head":"\nGood news! 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