First-time home buyers have increased their budget to an average of $316,100 – up from $300,000 in 2013 – according to the BMO 2014 First-Time Home Buyers Report. However the average down payment percentage has remained unchanged from last year at 16% ($50,576).
Average spent on first home: $364,700
Down payment: 15%
Willing to break budget for the right house: 37%
Expecting parents/relatives to help with cost: 26%
Time line has been delayed due to rising prices: 40%
Made cutbacks to lifestyle to save: 60%
To view more information on the BMO’s First Time Home Buyers Report follow this link.
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