Toronto – BC homebuyers paid the highest average down payments in the country in Q1, over $100K more than Quebec residents, who paid the lowest among provinces measured in the report, according to the latest Canadian Real Estate & Housing Market Forecast from LowestRates.ca.
B.C. buyers put down an average of 22.45%, or $159,762 to purchase a home, while Quebec residents average down payments of 14.68%, approximately $58,571 – a $101,191 difference. The average home price in B.C. and Quebec are $916,741 and $449,698 respectively.
| Province | Average Down Payment Percentage | Average Down Payment | Average Home Price* |
| B.C. | 22.45% | $159, 762.64 | $916, 741 |
| Ontario | 20.35% | $140, 215.37 | $866, 307 |
| Nova Scotia | 18.54% | $57, 781.46 | $449, 698 |
| Alberta | 15.15% | $62, 929.45 | $442, 808 |
| Quebec | 14.68% | $58, 571.16 | $363, 330 |
*Average Home Price data courtesy of CREA. Average down payment percent and amount sourced from LowestRates.ca internal data, which accounts for the discrepancy with home price.
Canada Real Estate & Housing Market Forecast key findings:
- Tighter lending rules aren’t slowing the Canadian real estate market which is expecting a record-breaking 2021
- The lull in the condo and rental markets is over, with both segments expected to gain steam as immigration picks up
- The era of the rock-bottom rate is finished: five-year fixed mortgages have already begun to rise by as much as five basis points ahead of the eventual interest rate hikes expected in the latter half of 2022
