The Financial Post has recently published an article that outlines the results of a recent poll about first-time homebuyers. Conducted by the Bank of Montreal, the average Canadian first-time homebuyer is 29 and can put upwards up to $48,000 on a down payment on a $300,000 home. Regional variances do exist to the national average of $300,000. Vancouver is considered to be the most expensive city with first-timers forking out $539,000 with Calgary and Toronto following with $474,000 and $446,000 respectively.
No matter what age you are, saving the money for a house let alone a downpayment can be quite intimidating. Great financial planning will always pay off in the end and will not only help you get that first home but also manage the mortgage that goes along with it. Here at Zoocasa we pride ourselves on connecting first-time homebuyers with all the resources required for making their homebuying dreams a reality. Check out some of the resources below to get started:
Home Ownership Centre
Down Payment Requirements:http://www.zoocasa.com/en/before-you-buy/homeownership-down-payment-requirements
Investment of a Lifetime:http://www.zoocasa.com/en/before-you-buy/homeownership-investment-of-a-lifetime
Providing Valuable Ongoing Savings:
Mortgage Marketplace is a calculator feature of Zoocasa that allows you to calculate and compare rate as well as connect with local specialists for expert mortgage advice. See below for a quick example of how you can manage your mortgage.