{"id":120505,"date":"2015-04-07T12:42:13","date_gmt":"2015-04-07T16:42:13","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=120505"},"modified":"2015-04-07T16:32:06","modified_gmt":"2015-04-07T20:32:06","slug":"first-time-home-buyers-canada","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/archives\/first-time-home-buyers-canada","title":{"rendered":"Find out how much first-time buyers across Canada paid for their homes"},"content":{"rendered":"<h4 id='pressboard-ad-sponsorship-tag' style='margin-bottom: 35px;'><\/h4><p><a href=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2015\/04\/first-time-home-buyers-canada.jpg\" rel=\"lightbox[120505]\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2015\/04\/first-time-home-buyers-canada.jpg\" alt=\"first-time home buyers canada\" width=\"2048\" height=\"1491\" class=\"aligncenter size-full wp-image-120521\" \/><\/a><\/p>\n<p><em>Photo: <a href=\"https:\/\/www.flickr.com\/photos\/wonderlane\/13595610153\" class=\"external\" target=\"_blank\">Wonderlane\/Flickr<\/a><\/em><\/p>\n<p>First time home buyers in Canada paid a median price of $293,000 in their foray into the market according to a new survey from Genworth Canada.<\/p>\n<p>Interestingly, it wasn&#8217;t Vancouver, the country&#8217;s most <a href=\"https:\/\/www.livabl.com\/articles\/2015\/04\/vancouver-home-sales-prices-march.html\">expensive market, <\/a>that had the highest price of entry into the housing market. Toronto, where the average price for a <a href=\"https:\/\/www.livabl.com\/articles\/2015\/04\/treb-gta-homes-march-2015.html\">resale home<\/a> just hit $613,933 in March, had the highest median price for first-time buyers at $425,000. Vancouver followed closely with a median of $420,000.<\/p>\n<div>\n    <a href=\"https:\/\/plot.ly\/~monika7\/125\/\" target=\"_blank\" title=\"Median price paid by first-time home buyers\" style=\"display: block; text-align: center;\" class=\"external\"><img decoding=\"async\" src=\"https:\/\/plot.ly\/~monika7\/125.png\" alt=\"Median price paid by first-time home buyers\" style=\"max-width: 100%;width: 936px;\"  width=\"936\" onerror=\"this.onerror=null;this.src='https:\/\/plot.ly\/404.png';\" \/><\/a><br \/>\n    <script data-plotly=\"monika7:125\" src=\"https:\/\/plot.ly\/embed.js\" async><\/script>\n<\/div>\n<p>That may be due to the fact that a larger amount of Vancouverites went the condo route. The survey of\u00a01,800 Canadians found that 47 per cent of Vancouver first-timers were buying suites, compared to 39 per cent in Toronto. Montreal had 40 per cent purchase a condo while only 7 per cent in Atlantic Canada did the same.<\/p>\n<p>About 63 per cent of first-time buyers had a down payment that was less than 20 per cent. Country-wide the median was 12 per cent, though that amount differed quite a bit between markets.<\/p>\n<p>Though Vancouver and Toronto are the most expensive, the median down payment levels were higher at 20 and 21 per cent, respectively, a phenomenon that Genworth says is &#8220;driven by higher savings and larger gifts or loans from a family member in those markets.&#8221; The survey found 35 per cent of Toronto first-time buyers and 40 per cent in Vancouver had a gift or loan from their families, compared to 28 per cent nation-wide.<\/p>\n<div>\n    <a href=\"https:\/\/plot.ly\/~monika7\/127\/\" target=\"_blank\" title=\"Median down payments of first-time home buyers\" style=\"display: block; text-align: center;\" class=\"external\"><img decoding=\"async\" src=\"https:\/\/plot.ly\/~monika7\/127.png\" alt=\"Median down payments of first-time home buyers\" style=\"max-width: 100%;width: 936px;\"  width=\"936\" onerror=\"this.onerror=null;this.src='https:\/\/plot.ly\/404.png';\" \/><\/a><br \/>\n    <script data-plotly=\"monika7:127\" src=\"https:\/\/plot.ly\/embed.js\" async><\/script>\n<\/div>\n<p>About three quarters of the buyers were 34-years old or younger, or part of the Millennial generation. For those surveyed, 80 per cent said they purchased a resale property. However, 31 per cent of Calgary first-timers and 36 per cent in Vancouver bought a new home.<\/p>\n<div id='pressboard-ad-sponsorship-msg'><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A new survey from Genworth points to some big regional differences.<\/p>\n","protected":false},"author":6,"featured_media":120521,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Find out how 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