Atlantic Canada’s first-time buyers are less wealthy than repeat buyers

Joint home purchases are also more common, Statistics Canada says

Atlantic Canada’s first-time buyers are less wealthy than repeat buyers

In Atlantic Canada, first-time mortgage borrowers tend to earn less than repeat buyers, according to Statistics Canada.

The agency measured this through the use of the home buyers’ amount (HBA), a federal incentive program designed to aid first-time buyers. Statistics Canada also included in its calculations those who purchased homes with individuals who have claimed the HBA.

The claiming of this benefit was most apparent in New Brunswick, where 22.4% of home buyers claimed the HBA. Nova Scotia followed closely with 22.2 % claiming the benefit. In comparison, British Columbia only had a 15.2% share of these first-time buyers.

“In Nova Scotia and New Brunswick, first-time home buyers had lower incomes than repeat buyers,” Statistics Canada said. “In contrast, the median income of first-time home buyers in British Columbia was 3.3% higher, compared with repeat buyers.”

Read more: Atlantic Canada – how is each major housing market performing?

Amid steadily growing prices, pitching in for a cooperative purchase has emerged as a viable option for would-be buyers in these provinces, Statistics Canada said.

Nova Scotia had the highest share of joint-purchase buyers at 65.2%, while lone purchases represented 30.7% of the province’s buyers. British Columbia’s joint buyers accounted for 64.5% of transactions, while 25.3% went solo. New Brunswick saw a joint-purchase share of 60.7% of buyers, while 35.5% of buyers in the province purchased alone.