Analysis of home searches by real estate portal Point2 Homes has found that 47 per cent of potential Toronto buyers were seeking a 3-bedroom home priced between $300,000 and $500,000; the average price in the city in August 2016 was $710,410.
Meanwhile, those searching Vancouver listings wanted a 2-bedroom home priced around $750,000; the average in the city at the time of analysis was $1 million.
The data shows that most of those searching were millennials who were looking for their first home and perhaps (especially in Toronto) looking for a condo.
Other findings reveal that potential home buyers looking at Mississauga and Saskatoon appear ready to spend more than the city averages for a home; and that women were most likely to be searching.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Saint-Simon, Saint-Gédéon-de-Beauce, Colinton, Bayshore Village, New Dayton
Frequent headlines highlighting the sharp gains in home prices in Vancouver and Toronto have not dampened the optimism of those seeking a more modestly-priced home.