Homebuyer Survey: How Canadians Are Budgeting, Saving, and Getting to the Close

Homebuyer Survey: How Canadians Are Budgeting, Saving, and Getting to the Close

In a 2025 survey conducted across major Canadian cities and regions, including Ontario, homebuyers shared how they’re approaching one of life’s biggest financial commitments: purchasing a home. With the market seeing steady shifts in inventory and mortgage rates stabilizing, Canadians are adapting their strategies to save, budget, and close successfully.

Here are the top takeaways from the latest homebuyer trends:

1. Budgeting Is Tighter, But Smarter

More than 62% of Canadian homebuyers reported setting a strict homebuying budget—and sticking to it. The average budget for first-time buyers ranged between $550,000 to $750,000, especially in markets like Hamilton, Mississauga, and Halton Hills.

🔹 Top budgeting strategies included:

• Getting pre-approved early

• Using mortgage calculators

• Working with real estate professionals to stay realistic

• Avoiding bidding wars unless below budget

2. Saving for a Down Payment Takes Time & Creativity

With the minimum down payment requirements in Canada ranging from 5% to 20%, saving remains a top concern. Buyers in Ontario reported a savings timeframe of 3 to 6 years on average.

🔹 Popular saving methods:

• High-interest savings accounts

• First Home Savings Account (FHSA) contributions

• Parental gifts or family co-signing

• Delaying non-essential expenses to boost savings

Many are also leveraging RRSP Home Buyers' Plans for added support.

3. Closing Costs: The Hidden Factor

Many homebuyers are surprised by the extra costs involved at closing. Legal fees, land transfer taxes, and home inspections can add 2%–5% to the total purchase price.

🔹 Top tips from experienced buyers:

• Budget for an additional $10,000–$15,000 on top of your down payment

• Work with an experienced real estate agent who can break down costs early

• Ask about rebates and incentives available in your city or province

4. Where Buyers Are Getting Help

According to the survey, 78% of homebuyers turned to real estate professionals for guidance on everything from negotiation to documentation. Others relied on mortgage brokers, financial advisors, or homebuying workshops.

Working with a full-service real estate team ensures you're informed every step of the way—from your first showing to receiving the keys.

5. The Emotional Journey Is Real

Beyond the finances, 3 out of 5 buyers reported that the process was emotionally stressful. Between fear of missing out (FOMO), competing offers, and tight timelines, it’s no wonder homebuying feels overwhelming.

That’s why having a knowledgeable, local real estate team that puts your goals first is essential.

Final Thoughts

Buying a home in 2025 isn’t just about the numbers—it’s about planning, guidance, and understanding how Canadians just like you are making it work. Whether you're just starting to save or already hunting for your dream home, being informed is your greatest advantage.

Looking for expert advice and support tailored to your local market?

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