Highlights: Canada witnesses a 20% increase in first time home buyers
- Some of the territories and provinces in Canada saw an increase in first time home buyers.
- British Columbia witnessed the highest percentage of first time home buyers.
- Manitoba, Nova Scotia, and New Brunswick saw a positive increase in the number of buyers.
- First time home buyers in British Columbia paid less prices, and those in Nova Scotia, New Brunswick, and Manitoba witnessed higher prices.
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First time home buyers in Canada increase
The housing market in some provinces and territories in Canada saw a significant rise in the number of first time home buyers.
First time home buyers are important in comparison to repeated buyers as they are likely to start with less equity for property and may face affordability challenges. With housing costs on the rise, those who have five-year mortgages at fixed rates around 2% may be renewing at a considerably higher rate in 2025.
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First time home buyers in Canada in different provinces
In British Columbia, the number of first time home buyers increased to 28.0%, reaching a total of 25,315 people.
5,380 people became first time home buyers in Nova Scotia, whereas in Manitoba 9,180 people became first time buyers, marking a total of 24.1% in increase. New Brunswick has slower growth in the first time home buyers which is 5.0%.
The data indicated for the first time home buyers the median income increased in majority of the territories and provinces. The median family income raised by 10.5%, while the median home price grew by 13.0% in Nova Scotia and in British Columbia by 9.1%.
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Pricing variances for home buyers in Canada
First time home buyers in British Columbia paid $530,000 which was $100,000 lesser than the repeat buyers. A high percentage (62.5%) of people opted for condominium units and row houses which were affordable.
On the other hand, the first time buyers in Nova Scotia, New Brunswick, and Manitoba witnessed and paid higher prices for their homes compared to the repeat buyers. This can be explained as the buyers opted to buy the houses in the urban areas where the prices were higher.
Aside from the location, the types of properties purchased also played a role in the pricing. In New Brunswick, Manitoba, and Nova Scotia the first time buyers chose single family homes where prices were higher, while the first time buyers in the British Columbia opted for row houses and condominium units saw an affordable pricing.
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