ALBERTA

Calgary Home Buyers Should Be Prepared To Extend Budgets: BMO

09/21/2014 01:07 EDT | Updated 06/16/2017 01:03 EDT

Buying a new home in Calgary and have a certain amount you'd like to spend?

A new survey says you should be prepared to extend that budget.

According to the BMO Fall Home-Buying Report, almost half of all Calgary house hunters expect to spend 19 per cent — or $89,389 — more than when they first started looking.

The rising price points are attributed to several reasons: 86 per cent say housing prices have risen since they first started looking; 81 per cent have a better understanding of current prices; and 56 per cent were able to save more for a down payment.

With these increases, most Calgarians expect to spend $568,458 on a home.

Additionally, the survey found that, across Alberta, 44 per cent of house hunters now expect to spend 20 per cent more on a new home, or $82,291, up to $499,760.

Fifty-five per cent of homebuyers also said they have changed their first preferred choice of dwelling type, citing cost, availability, and concerns with the condo market. While condos or detached homes were originally considered the most desirable, semi-detached and townhouses are now the leading housing options.

Check out some of the homes in Calgary that fit the current average buyer preferences: