Do you look like the next generation of homebuyers?

August 14, 2017 | By | Add a Comment

First-time homebuyers survey

This past June, Mortgage Professionals Canada published their survey results on the next generation of homebuyers – adults under the age of 40 who don’t currently own a home, but who expect to own in the near future.  If you’re planning on buying, or help a child get into home ownership, these results can be an interesting comparison to your own situation.

Key findings in the first-time homebuyers survey

first-time homebuyer• 52% are under 30 years old; 48% are aged 30-39
• 55% are single; 39% married/living with a partner
• 81% have no children
• 72% agree that mortgages are good debt, and 76% agree real estate is a good long-term investment; 58% are optimistic about the economy in the next 12 months.
• The decision to buy is often influenced by key life events – starting a family (33%), getting a promotion/raise (30%), getting married (29%), inheritance (8%).
• Primary downpayment sources are personal savings (73%), gift/loan from a family member (36%), TFSA (33%) and RRSP (29%).
• Average down payment savings is $37,000 among imminent buyers.
• Most important home features?  Neighbourhood (61%), safety (58%), and potential for increase in value (50%) are the most important to first-time buyers. Features that are considered to be worth a premium are a nice neighbourhood (33%), short commute (31%) and safety (29%).

Likely to use a mortgage broker?

The numbers are trending up – not a surprise as Canadian mortgage rules become more complex.  59% said they will likely use a Mortgage Broker once aware of their services. The top five reasons cited for using a mortgage brokers are :

  1. They are experts/specialize in mortgages
  2. Getting the best rate
  3. Help you negotiate a better deal
  4. Access to more lenders
  5. Convenient, one-stop shopping

Making informed mortgage choices

Wherever you are in your home ownership journey, I’m here to answer your questions and help you find the right mortgage for you.    You need to feel comfortable about your decisions on type of mortgage, fixed versus variable rate, monthly, bi-weekly, or weekly payment schedule, and no-frills versus full-service mortgage lender.  Please feel free to get in touch with me.

Learn more about mortgages and first-time homebuying

First time homebuyers have some additional resources available to them.  See if you’re eligible… check out my post on programs for first-time homebuyers.

And to see more posts on buying and financing your first home, click here.

Happy homebuying!


Image courtesy of David Castillo Dominici at FreeDigitalPhotos dot net

Filed in: Canadian Mortgage News, First Time Homebuyer, Purchase | Tags: ,

About the Author (Author Profile)

I'm a Toronto Mortgage Broker. My focus is on saving people time and money in financing and re-financing their homes. Am passionate about helping people make informed choices, giving back, and helping to improve financial literacy in Canada.

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