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.