Toronto Gets 27 Per Cent Downpayment For Average Homebuyers

Recent home buyers have been outlined in a current report on the market from real estate agents in the Greater Toronto province as purchasing average priced homes worth $672,023, with an average 29 per cent down payment.

In most of the cases, the money was from saving, about a quarter of home equity that was already made available, or a gift (which was 13 per cent). In the IPSOS poll for the Toronto Real Estate Board, the survey showed that seventeen per cent of respondents got the money for their down payment through various means.

Mortgage closed off by fixed rate, with a five year period being the most selected choice of home loan with rates ranging from 2.0 to 2.99 per cent. The numbers indicated that the average income of home buyers was $98,000 and the worth of a home with down payment inclusive was at least 27 per cent of monthly income, which went up to 39 per cent, including property taxes and miscellaneous costs. From a year earlier, the share of first-time buyers moderately went down, causing 51 per cent wanting to buy a home.