“Never has the dream of becoming a homeowner in Canada felt just like that — a dream.'
Saving up to pay for the upfront cost of first-time homeownership in B.C. can take approximately 11 to 17 years, with the time to save for full costs being 20 years, according to a study from Point2, an international real estate portal.
The data highlights how saving for a first-time homebuyer can be a daunting task, especially for those who rely heavily on their savings, said Alexandra Ciuntu, the author of the study. The study analyzed 50 Canadian cities with Vancouver, Richmond, Coquitlam and Burnaby recording some of the highest 20 per cent down payments, over $205,000, according to the study. Vancouver has the second-highest closing costs in the country, with Toronto being first, at more than $23,000.
Abotsford was the most “manageable” within the Lower Mainland at a little over $210,500 for the first year of homeownership.
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