A survey released by Bank of Montreal (BMO) today, states that the youngest first-time homebuyers in Canada hail from Calgary. While the average age of first-time homebuyers in Canada is 36, the report states the average first-time homebuyer in Calgary is just 32-years-old.
Here’s a breakdown of first-time homebuyers in Calgary:
• 54% are single
• 30% are married
• 12% are common-law
• 4% are separated, divorced or widowed
The average income of first-time homebuyers in Calgary is $71,000, which is also the highest in the country. The average home price in Canada has risen 83% over the last ten years, which could explain why the majority of current homeowners purchased their first home before age 30.
Calgary’s economy continues to outperform the rest of the country, and our real estate market has done the same. Despite the fact that first-time buyers are purchasing homes later in life (compared to former trends), it still proves to be a good investment for them.
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