New home owners are putting more down for a house now than ever before.
According to data compiled by LowestRates‘ mortgage trends report, a down payment in Ontario, British Columbia, Nova Scotia, Alberta, and Quebec are seeing record amounts, upwards of an average of 20 percent.
We found that residents of Ontario and B.C. put down about 20% on average, while residents of Alberta, Quebec, and Nova Scotia put down much less than 20% on average.
The stats were collected between January through April 2021 and found the average down payments in Ontario and B.C. remained around 20 percent, mainly because the cost of a home in these provinces are worth $1 million and is not eligible for Canada Mortgage and Housing Corporation (CMHC) mortgage insurance (the down payment must be at least 20 percent).
However, those located in British Columbia put an average down payment of $159,762. Quebec residents put the lowest down payment $58,571, representing a 14.68 percent down payment. In Nova Scotia, the average down payment increased by 4 percent during the period to an 18.54 percent, representing an average down payment of $57,781.46.
Christopher Alexander, executive vice-president and regional director of Ontario-Atlantic Region for RE/MAX, says “I think Atlantic Canada is experiencing a rediscovery moment in its history. A lot of Canadians are looking to find a place to live and it has so much to offer from a quality of life perspective. I am confident that Atlantic Canada is going to be a hot destination for years to come.”