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.
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Last modified: April 25, 2014
Genworth released their First-Time Homebuyer's Monitor today. It had plenty of little info-nuggets. For example, according to the survey:
i took the survey and it was great. I am looking for my first house ever.
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