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Real estate

Depending on where you are in the country, the housing market can change. What to consider when looking for your next big purchase

Are you a millennial buying a house? According to Genworth Canada, first-time home buyers now are overwhelmingly people born between 1980 and 1995 and are wondering where to buy, what to buy and how much to spend.

With prices varying substantially across the country, where you buy is one of the biggest factors.

According to Genworth Canada, in 2015, the typical buyer spent an average of $321,982 on a house and made a down payment of just over 8 per cent of the purchase price. The average earned household income for those purchasing in 2015 was $96,414 and 72.2 per cent purchased a detached house.

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British Columbia

The average home purchase price is $387,957

The average down payment is 8.6 per cent

The average household income is $103,026

If you have $320,000 in Vancouver, you can buy a a 527-square-foot, one-bath condo unit listed at $319,000

Alberta

The average home purchase price is $378,899

The average down payment is 7.5 per cent

The average household income is $110,883

If you have $320,000 in Calgary, you can buy an 890-square-foot, two-bedroom, two-bath end unit listed at $319,900

An increasing number of first-time buyers are looking to buy a micro-loft, a growing trend in the East Village of Calgary.

Saskatchewan and Alberta

The average home purchase price is $276,397

The average down payment is 7.2 per cent

The average household income is $90,601

If you have $320,000 in Saskatoon, you can buy a four-bedroom, two-bath, 1,036-square-foot bungalow listed at $319,900

If you have $320,000 in Winnipeg, you can buy a five-bedroom, four-bath, 1,860-square-foot detached house listed at $319,900

The top three neighbourhoods in Saskatoon are Rosewood, which is a new family-friendly neighbourhood; Riversdale, which is an up-and-coming hipster area; and City Park, a neighbourhood close to the city core with some great entry-level buys.

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Ontario

The average home purchase price is $277,340 ($458,060 in GTA)

The average down payment is 8.4 per cent

The average household income is $90,922

If you have $320,000 in Toronto, you can buy a one-bedroom, one-bath condo within walking distance of the downtown waterfront for $318,000

If you have $320,000 in St. Catharines, you can buy a 2,200-square-foot, four-bedroom, two-bath, two-storey detached house for $319,900

St. Catharines is Ontario's hidden secret, close to Niagara Falls and Niagara-on-the-Lake with a modest culinary scene and a family-friendly environment.

Quebec

The average home purchase price is $245,407

The average down payment is 8.6 per cent

The average household income is $82,889

If you have $320,000 in Montreal, you can buy a four-bedroom, two-bath bungalow house listed at $309,900

Laval is the up-and-coming suburb many families have set their eyes on. It's affordable and in close vicinity to central Montreal. Rosemont is the city's trendy neighbourhood and Nouveau St-Laurent is a budget-friendly suburb that is a popular entry-level community.

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Atlantic

The average home purchase price is $214,586

The average down payment 7.7 per cent

The average household income is $88,819

If you have $320,000 in Halifax, you can buy a four-bedroom, two-bath bungalow house listed at $318,900

If you have $320,000 in Fredericton, you can buy a four-bedroom, two-bath bungalow house listed at $309,900

If you have $320,000 in Charlottetown, you can buy a four-bedroom, two-bath bungalow house listed at $316,000

If you have $320,000 in St. John's, you can buy a four-bedroom, two-bath bungalow house listed at $319,900