First time home buyers in Canada increase by 20%

Highlights: The number of home buyers in Canada increased by 20%

• Canada's Housing market has drastically increased from 2019 to 2020.
• British Columbia has reached 25,315.
• In Nova Scotia, home buyers increased to 5,830 in 2020. 
• The Growth of New Brunswick was slower, and in Yukon, the number of home-buyers declined. 

 

*Want to know your Canada eligibility score in a min? Check it with Y-Axis Canada CRS score calculator.

 

Details of the statistics of home buyers: 

As there is an increase in home buyers, it also indicates an increase in first-time home buyers. The first-time home buyer is particularly interested as they have less initial equality to purchase their home than repeat buyers. 

 

Here is the table that shows the increase in the number of home-buyers: 

Provinces	Percentage
British Columbia	28.0% increase
Nova Scotia	21%   increase
Manitoba	24.1% increase
New Brunswick	5% slower

 

The table shows from 2019-2020, which shows the slower increase in family income of the first-time buyers.

 

*Want to work in Canada? Talk to Y-Axis for complete guidance

 

First-time home buyers paid more than the usual buyers:   

In 2020, the first home-buyer bought their home at a higher price than repeat buyers, which is the case for: 

 

• Nova Scotia
• New Brunswick
• Manitoba

 

This action can be explained as a location-based property purchase. This action states that home buyers tend to purchase properties in urban areas where prices are higher than usual- at a higher rate than repeat buyers.  

 

However, in the high-priced British Columbia market, first-time home buyers paid a median price of $530,000, $100,000 less than that of paid buyers. 

 

Most first-time home-buyers bought single-detached houses in Nova Scotia, New Brunswick, and Manitoba. 

 

British Columbia has a higher share of 62.5% of first-time home buyers who bought condominium apartments and row houses.  

 

*Looking for step-by-step assistance to apply for Canada PR visa? Talk to Y-Axis, the leading Overseas Immigration Company in Australia 

For recent Immigration updates do check out: Y-Axis Canada Immigration news

Web Story: First-time home buyers in Canada increase by 20%