News & Events
First-time homebuyers are younger in Calgary
BMO Bank of Montreal has released a survey showing that Calgary’s first-time homebuyers are the youngest in Canada. Compared to the national average of 36 years, the average first-time homebuyer in Calgary is only 32. As surprising as that sounds, the majority of current homeowners in the city bought their first home before they were 30.
Obviously, rising real estate prices have had an effect on the decision to purchase a home, with the Calgary Real Estate Board announcing a jump of more than 5% since 2013. But why are Calgarians still the youngest in the country to step into the new home market? It all comes down to income, and the Calgary average of $71,000 per year is the highest in Canada. Compare that with the national average of $55,000 and it becomes clear why Calgarians are motivated to make that major life decision earlier than anywhere else.