Are you a millennial buying a house? According to Genworth Canada, first-time home buyers now are overwhelmingly people born between 1980 and 1995 and are wondering where to buy, what to buy and how much to spend.
With prices varying substantially across the country, where you buy is one of the biggest factors.
According to Genworth Canada, in 2015, the typical buyer spent an average of $321,982 on a house and made a down payment of just over 8 per cent of the purchase price. The average earned household income for those purchasing in 2015 was $96,414 and 72.2 per cent purchased a detached house.
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British Columbia
The average home purchase price is $387,957
The average down payment is 8.6 per cent
The average household income is $103,026
If you have $320,000 in Vancouver, you can buy a a 527-square-foot, one-bath condo unit listed at $319,000
Alberta
The average home purchase price is $378,899
The average down payment is 7.5 per cent
The average household income is $110,883
If you have $320,000 in Calgary, you can buy an 890-square-foot, two-bedroom, two-bath end unit listed at $319,900
An increasing number of first-time buyers are looking to buy a micro-loft, a growing trend in the East Village of Calgary.
Saskatchewan and Alberta
The average home purchase price is $276,397
The average down payment is 7.2 per cent
The average household income is $90,601
If you have $320,000 in Saskatoon, you can buy a four-bedroom, two-bath, 1,036-square-foot bungalow listed at $319,900
If you have $320,000 in Winnipeg, you can buy a five-bedroom, four-bath, 1,860-square-foot detached house listed at $319,900
The top three neighbourhoods in Saskatoon are Rosewood, which is a new family-friendly neighbourhood; Riversdale, which is an up-and-coming hipster area; and City Park, a neighbourhood close to the city core with some great entry-level buys.
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Ontario
The average home purchase price is $277,340 ($458,060 in GTA)
The average down payment is 8.4 per cent
The average household income is $90,922
If you have $320,000 in Toronto, you can buy a one-bedroom, one-bath condo within walking distance of the downtown waterfront for $318,000
If you have $320,000 in St. Catharines, you can buy a 2,200-square-foot, four-bedroom, two-bath, two-storey detached house for $319,900
St. Catharines is Ontario's hidden secret, close to Niagara Falls and Niagara-on-the-Lake with a modest culinary scene and a family-friendly environment.
Quebec
The average home purchase price is $245,407
The average down payment is 8.6 per cent
The average household income is $82,889
If you have $320,000 in Montreal, you can buy a four-bedroom, two-bath bungalow house listed at $309,900
Laval is the up-and-coming suburb many families have set their eyes on. It's affordable and in close vicinity to central Montreal. Rosemont is the city's trendy neighbourhood and Nouveau St-Laurent is a budget-friendly suburb that is a popular entry-level community.
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Atlantic
The average home purchase price is $214,586
The average down payment 7.7 per cent
The average household income is $88,819
If you have $320,000 in Halifax, you can buy a four-bedroom, two-bath bungalow house listed at $318,900
If you have $320,000 in Fredericton, you can buy a four-bedroom, two-bath bungalow house listed at $309,900
If you have $320,000 in Charlottetown, you can buy a four-bedroom, two-bath bungalow house listed at $316,000
If you have $320,000 in St. John's, you can buy a four-bedroom, two-bath bungalow house listed at $319,900