Genworth Canada Releases First Time Home Buyer Study
A new survey from Genworth MI Canada is indicating that first time home buyers in Canada are “doing their homework and making responsible decisions” when entering the hot Canadian housing market. 1800 first time home buyers were surveyed and the stats show that they are responsible in managing their debts. More than half of purchasers have not taken on more debt since purchasing and 1/3 of purchasers are making extra payments to pay down their debt faster.
Of those that responded, buyers were well-educated with 89% holding post grad degrees, with good employment of which 1/3 had a combined household income of over $100,000. Most buyers are either planning to start a new family or have young children already.
The survey also reviled strong regional trends as those in hot markets of Vancouver, Toronto and Montreal are opting to purchase condos instead of detached homes. Although the national average for first time home buyers was $293,000, Toronto and Vancouver homes averaged $425,000 and $420,000 respectively. The price of real estate in these three markets clearly explains why condos and towns make up about 2/3’s of the purchases. Other trends also show that family members are gifting more to their kids in these markets to help them get into their first homes.
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Salim Moorani, BA, MCP | Getting a mortgage can be hard, we make it easy® | Mortgage Broker Lic # M14000543 / Brokerage Lic #12136 | 647-773-9001 | info@RedDogFinancial.ca | www.RedDogFinancial.ca | April 8, 2015