CAAMP is an organization that represents the mortgage industry in Canada, with more than 11,500 members across the country. In a biannual report on Tuesday, the group takes a closer look at some of the numbers underpinning the Canadian housing market.
As one might expect, the financial details of someone who is buying a home for the first time, and someone later in life who is buying a second or third, can be wildly different.
Across all buyers and types of housing, the average downpayment was $119,000, CAAMP says. That's about one-third of the purchase price of an average home. But first-time buyers, in general, put less down — just over $67,000, on average, or 21 per cent of their purchase price.
Click here to read more about first time home buyers and the bank of mom and dad. . .