Anil Bharwani

Re/Max LifeStyles Realty - Maple Ridge, Pitt Meadows, Mission - Residential & Commercial

Personal Real Estate Corporation

  • Direct: (604) 476-1111
  • Office: (604) 466-2838
  • Fax: (604) 466-2868
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Canada Mortgage and Housing Corporation (CMHC) has now released survey findings for its inaugural First-Time Homebuyers Survey. Results were obtained from an online survey of close to 500 First-Time Buyers from across Canada, all of whom had a mortgage transaction in the past 12 months. Data was also supplemented with input from a series of focus groups in Halifax, Montreal, London, Toronto, Calgary and Vancouver.

 

Key findings were:

  • First-Time Buyers are young (under 35), highly educated (82% have post-secondary education) and more likely than other buyers to have been born outside of Canada (23% of First-Time Buyers were born outside of Canada compared to 13% of Repeat Buyers)
  • Their housing requirements and reasons for buying vary widely and they are more likely to move to a subsequent home sooner (31% plan to move within 5 years compared to 19% of Repeat Buyers)
  • "Not wanting to rent" and "wanting to own their home" are the key reasons First-Time Buyers pursue homeownership 
  • First-Time Buyers typically take three months longer than Repeat Buyers to plan their home purchase, with a median of 10 months of planning
  • Although both First-Time Buyers and Repeat Buyers predominately purchase detached homes (59% and 73% respectively), First-Time Buyers are more likely to purchase semi-detached, row/townhouses and condos

You can find the full survey results at http://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/rean/rean_037.cfm

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Anil Bharwani
Direct:(604) 476-1111
Office:(604) 466-2838
Fax:(604) 466-2868
Re/Max LifeStyles Realty
22308 Dewdney Trunk Road
Maple Ridge, British Columbia
V2X 3J2 Canada