With rising home prices and tighter budgets, the First-Time homebuyer in Canada today, looks very different than even five years ago. The CMHC’s 2025 Mortgage consumer Survey, paints a detailed picture of who’s buying and what it takes to get into the market. 
Who Are First-Time Buyers?
Nearly half (47%) of first-time buyers were aged 25-34, though regional differences are stark. Younger buyers dominate in the Prairies, while Ontario and BC buyers tend to be older, often needing more time to save due to higher property prices. The median age for those claiming the First-Time Home Buyer Tax Credit, was 32, up from 30 a decade ago.
Most First-time buyers are married or in common-law relationships (71%) and employed (91%). Over 64% rented before purchasing, typically for 6.3 years, and 35% lived with family or friends before buying.
What Income and Savings are Needed?
The median household income for first-time buyers in 2025 hit $105,000, with those in high-cost areas like the GTA, needing incomes closer to $200,000. To bridge the affordability gap, over 40% received cash gifts, averaging $74,570 nationally – and up to $142,812 in BC
Popular savings methods included the FHSA (38%), RRSP’s, and traditional savings. Without help from family, it takes 5 – 7 years to save a down payment in cities like Vancouver.
What Are They Buying?
Most first-time buyers (48%) purchased detached homes, though condo and townhouse purchases dominate in urban cores. Many also renovated post-purchase, spending an average of $27,700. Buyers in Halifax, Montreal and Alberta are stretching their dollars further, often purchasing homes with rental suites or considering interprovincial moves for affordability.
Thinking of Buying Your First Home?
We, at Client First Mortgage Solutions, can guide you through every step – from pre-approval to possession. Let our expert team help you navigate today’s first-time buyer landscape with confidence.
Original article: www.financialpost.com
