On average, Canadian Millennials expect to spend $350,000 on their first homes, and two thirds expect to receive some of that money from their families.

A survey conducted by Pollara for BMO Bank of Montreal found that 51% of Canadian Millennials already own their own home. Of those who are renting, 76% say they hope to buy a home within the next five years. However, 60% of those who do not own a home admitted that they are having difficulty coming up with the money to buy the kind of house they want.

Rising real estate prices

What's more, 42% said they are having a hard time finding an affordable home in their desired location and 37% indicated they are concerned about rising real estate prices. Only one in four (25%) indicated they are prepared to wait for housing prices to drop.

While on average Canadian Millennials expect to spend $350,000 on their real estate purchase, respondents in Ontario and British Columbia had significantly larger budgets and plan to buy properties worth $415,110 and $478,113 respectively.

How much to put on the downpayment?

How much of a downpayment will they make? Millennials expect to put down about 15% of the purchase price or roughly $53,000 on average. Most won't come up with all the money on their own, however, as 65% of those surveyed plan to rely on their parents or other family members for financial assistance.

BMO says that Millennials may be expecting their families to put down as much as 10% of the purchase price for them, although most said they did not know exactly how much they would receive.