Who is the typical first-time homebuyer in Canada and how much money do they need?

Most first-time homebuyers in Canada these days are young adults, typically in their mid-20s to early 30s. Nearly half of those who bought their first home in the past year and a half fall into the 25 to 34 age group. They’re often just starting out in their careers, getting a stable income under their belt, but still working hard to save enough for a home.

Roughly one-third of first-time buyers were born outside of Canada and have lived here for many years before buying. This group reflects Canada’s diversity—many newcomers become well-established before they’re ready to purchase their first home.

Saving up for a first home today is no small task. As of early 2025, the average home price in Canada was around $670,000. To meet the minimum down payment rules, that means needing at least $42,000 just to get in the door. But many buyers are far from that: about one-quarter of those planning to buy in the next five years have saved less than $25,000.

Still, a small portion of buyers are saving aggressively. Among those planning to buy in the next five years, around one in ten already have between $50,000 and $100,000 saved, and a smaller share have well over $100,000 put aside. That shows some are managing to get ahead, despite economic hurdles.

The gap between desire and readiness is wide. Many Canadians want to own their first home—more than half plan to buy within five years—but obstacles like high living costs and limited savings are holding them back. A significant number feel intense pressure to own a home, showing how emotional and financial this step can be.

All in all, the typical first-time homebuyer in Canada today is a millennial in their late 20s or early 30s, often established here for years, with steady income—but still far from the down payment target. To succeed, they’ll need tens of thousands saved up, including at least $40,000 for the minimum down payment, plus enough to cover closing costs and other expenses.