« Interest Rates Seen Lower | Main | Mortgage Bytes »

February 20, 2008

First Time Home Buyer Survey

Genworth-Financial-Canada Genworth released their First-Time Homebuyer's Monitor today.  It had plenty of little info-nuggets.  For example, according to the survey:

  • The most common concern among first-time buyers is "high payments."
  • The most common down payment for first-time buyers is 5.0%-9.9%.
  • 68% of Canadians agree a home is the most important investment of their lives.
  • Most Canadian first-time home buyers plan to spend between $100,000-$199,000.  In Alberta and the Greater Toronto Area, the number is $200,000-$299,000.  In British Columbia: $300,000-$399,000.
  • About 60% of first-time buyers plan to use the Internet to get mortgage information, including the use of online mortgage calculators to see what monthly payment they can afford.
  • 68% of first-timers prefer new homes to resale units.
  • 52% of respondents prefer 5-year terms.  23% want terms of 7 or more years.
  • 63% of first-time buyers prefer living in the suburbs instead of the city.

    • The most popular mortgage-related reason for using the Internet is to "check interest rates."  That's probably why rate questions are many broker's #1 type of email.

    Comments

    Editors

    My Photo
    Melanie & Rob McLister

    Mortgage Question?



    Recent Comments

    Search CMT

    Subscribe (Free)

    Enter Your Email Here



    Canadian Mortgage Trends RSS



    Mortgage Links


    Industry Links


    Commentary



    In the Media...


    Business News Network

    Globe & Mail

    Wall Street Journal

    Macleans

    Financial Post

    Toronto Star


    Staff


    Canadian Mortgage Awards

    Canadian Mortgage Awards

    Canadian Mortgage Awards

    Canadian Mortgage Awards

    Canadian Mortgage Trends (CMT) delivers the latest mortgage news in Canada for homeowners, online mortgage brokers, and real estate professionals. Legal Information: Consult a qualified mortgage advisor before making any mortgage decision based on information you read here. Similarly, if you see a financial or tax strategy discussed here, always consult a licensed and qualified investment or tax advisor to ensure the strategy is right for you. Mortgages, investment, and tax strategies mentioned on this website are not appropriate for everyone. In many cases, they may not be feasible at all and/or entail serious risks. While reasonable effort is made to ensure the accuracy of information and data contained herein, accuracy, facts, completeness, and suitability can not be guaranteed. Past performance is not a good predictor of future performance. Results, rates, strategies, and terms are not guaranteed and CMT and its affiliates assume no liability for any losses that may occur from your reliance on such information. The information on this site reflects purely our opinions, and not necessarily the opinions of any other party. Readers are welcome and encouraged to leave comments. Please note, however, that CMT endeavours to keep all forums factual and civil for the benefit of readers. Comments that are off-topic, quarrelsome, accusatory without evidence, factually incorrect by objective standards, racially insensitive, profane, slanderous, misleading, made with false email addresses, made under multiple pseudonyms or different names from the same IP address, or otherwise rude or deemed inappropriate by CMT, may be removed without notice. To reduce incidences of SPAM, linking to or promoting individual brokers is not permitted. CMT is a news site, and not affiliated with most of the people or companies mentioned. Company logos and trade-marks displayed herein are the property of their respective owners, are displayed for commentary purposes only, are not intended to be used in a competitive manner with said owner, and should not imply an association or affiliation between CMT and said trade-mark owner or its products or services. Information herein is not intended to be, nor does it constitute, mortgage advice, investment advice, tax advise, financial advice, recommendations, or solicitations to buy or sell securities. CMT personnel and related parties may have an interest in the mortgages, services, companies, products, or securities mentioned on this site. Please contact us if you require clarifications of the above. CMT's website is owned and operated by McLister Media Inc. CMT's trademark and copyrights are used by McLister Media Inc. under license. For questions about the news you see here, mortgages, copyright, or republishing CMT content, please contact us at (800) 280-2460 or info@canadianmortgagetrends.com. Thank you for reading CMT. ISSN# 1927-8772. Copyright 2012. All rights reserved.