First time home buyers in Canada increase by 20%

Highlights: Canadian Housing Statistics Program (CHSP) releases home buyer and homeowner data!

• The Canadian Housing Statistics Program (CHSP) released data on the Home buyers and homeowners in Canada. 
• As per the data, there is a 20% increase in first-time home buyers in Canada. 
• The first-time home buyers are said to have paid $100,000 less than the repeat buyers. 
• CHSP currently announced housing data for Nova Scotia, Yukon, New Brunswick, British Columbia, and Manitoba. 

 

 

Check your Eligibility for Canada Immigration

Do you want to check your Canadian eligibility? You can do it for FREE and get an instant score with the Y-Axis Canada Immigration points calculator.

 

 

First-time home buyers stats 2020-21

The Canadian Housing Statistics Program (CHSP) revealed data on the number of house owners and buyers in Canada. First-time home buyers will most likely be asked to pay less initial equity while buying a home when compared to repeat buyers.

First-time home buyers who opened five-year mortgages at fixed rates of 2% will more likely renew it at a higher price in 2025.

 

The table given below has data on the provincial-wise increase in the percentage of new buyers:

 

Province	Increase in Percentage
Nova Scotia	21
New Brunswick	5
British Columbia	28
Manitoba	24.1

 

 

Increase in home buyers as per Median Family income

The 2019-2020 data revealed smaller increases in the family income of first-time buyers of median family buyers when compared to the median sale in most provinces. 

 

*Looking to apply for Canada PR? Get in touch with expert advisors at Y-Axis for complete immigration assistance.

 

 

First-time Home buyers pay $100,000 in British Columbia

First-time home buyers from three Canadian provinces paid a higher rate when compared to repeat buyers.

Individuals in the provinces mentioned below:

• Manitoba (+$10,000)
• Nova Scotia (+$52,000)
• New Brunswick (+$16,000)

 

The increase in prices also varies with the demographics and territories of Canada. Most first-time home buyers tend to purchase houses in urban areas with high prices.

 

First-time home buyers in British Columbia paid a median price of $530,000, $100,000 less than the repeat buyers.

 

Most first-time home buyers preferred buying single-detached houses in New Brunswick, Manitoba, and Nova Scotia. However, first-time home buyers in British Columbia preferred buying row houses and condo apartments. 

 

 

Also Read…

5 Million Jobs and $197 Billion generated by MNCs in Canada, 2023

Why should you enter Canada Express Entry Pool now?

 

 

*Are you looking for step-by-step assistance to migrate to Canada? Talk to Y-Axis, the leading Overseas Immigration Company in the UAE.

 

For recent Immigration updates do check out: Y-Axis Canada Immigration news

Web Story: First-time home buyers in Canada increase by 20%