Canadian Housing Statistics Program, 2024

In 2023, the median family income of first-time homebuyers was lower than that of repeat buyers in all jurisdictions for which data were available, except in British Columbia, where similar median incomes were reported for both groups.

Our take: First-time buyers in BC are income-competitive with repeat buyers, suggesting either outsized wealth concentration or that entry-level properties there now command prices that demand similar household earnings as upgrading—neither is bullish for rental demand or tenant quality.

In your underwriting: Tighter tenant pool in BC multifamily complicates rent growth assumptions and may warrant higher vacancy buffers; across other provinces, weaker first-time buyer purchasing power could support rental demand but also compress tenant income thresholds in underwriting.

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