First time home buyers report
Genworth Financial Canada’s: First Time Home Buyers Monitor
Summary of key findings of first time home buyers report
- Overall, Canadian first time home buyers remain confident in the stability of the housing market and are not overly concerned about the potential for declining home values.
- The top concerns identified by respondents are high monthly payments (63%), rising interest rates (59%) and increasing property taxes (56%).
- Single, detached homes are overwhelmingly the most sought type of home by first-time buyers (61%), although condos are strong choices in B.C. and the Greater Toronto Area.
- More than two-thirds (68%) of respondents say buying a home is the single most important investment they will ever make.
- 68% of first-time buyers would prefer a newer home, and 65% want a modern, open floor plan.
- Almost two-thirds (63%) planned on making a down payment of 10% of the purchase price or less.
- More first-time buyers were seeking mortgages with a 30-year amortization (42%) than those looking at 25 years (37%).
- Roughly half of respondents (52%) sought 5-year mortgage terms, with almost one-quarter (23%) preferring terms of seven years or more.