House-hunters can expect to spend 21% more on a new home!

BMO Fall Home-buying Report

The report states that nearly half of prospective buyers increase price to $483,397 and shift to semi-detached.

The survey revealed that the top contributors to house-hunters increasing their price point were:

  • The majority (86%) say housing prices have risen since they first started looking.
  • Eight in ten (81%) now have a better understanding of current prices.
  • More than half (56%) were able to save more for a down payment

Housing prices in Canada have risen 18% over the past 4 years. As prices rise, house-hunters need to ensure their savings are keeping pace, especially first time buyers, who don’t have the leverage of a current house in the market, says Vice President of Personal banking products, BMO.

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