Who’s getting their feet wet in the Canadian housing market? The Canada Mortgage and Housing Corporation (CMHC) surveyed roughly 500 first-time buyers across Canada online and held focus group among newly minted property owners in Halifax, Montreal, London, Toronto, Calgary and Vancouver.
Take a look at some of the stats culled from the survey:
Portrait of a first-time buyer
- Almost two-thirds are younger than 35 and almost half are between 25 to 34 years of age (Tweet this fact); among repeat buyers, only 20 per cent are are under 35.
- Nearly two-thirds (65 per cent) have household incomes of $90,000 or less and one-in-five have incomes of less than $45,000.
- 23 per cent were born outside of Canada compared to 13 per cent of repeat buyers; first timers who are immigrants are also less likely to go in for single-detached homes.
- 72 per cent of first time buyers who are immigrants have a university degree or post-graduate studies, while 42 per cent of Canadian-born first timers are university educated.
- First-time buyers who are immigrants tend to live in Canada for a median time of nine years before buying their own home.
- First-time buyers buy single-detached homes at a rate of 59 per cent while 73 per cent of repeat buyers go in for the same property type (Tweet this fact).
- 39 per cent of first-time buyers purchase a semi-detached, row/townhouses and condos, decidedly more than the 20 per cent of repeat buyers.
- 31 per cent of first-time buyers hope to move within the next five years, compared to just 19 per cent of repeat buyers.
- 56 per cent of first-timers believe they’ll be fixing up their property in the next five years, while only 34 per cent of seasoned buyers believe they’ll be making major repairs or improvements.
- 76 per cent of the first-time buyers think the bill for the home repairs will be below $15,000.
- While online, 79 per cent of first timers used a mortgage calculator (Tweet this fact).
- 63 per cent of first time buyers used a broker, believing a broker would get the best mortgage rate or deal (51 per cent went with a lender).
- 54 per cent stayed loyal to their primary financial institution, asking them to arrange their mortgage, while 68 per cent of repeat buyers stayed with their existing lender.